In a significant crackdown on financial fraud, the Enforcement Directorate (ED) has seized ₹1,646 crore worth of cryptocurrencies in what is being called India's biggest crypto-related seizure under the Prevention of Money Laundering Act (PMLA). The investigation, initiated after a Surat Police FIR, uncovered a fraudulent scheme where investors were misled into investing in securities between 2016 and 2018.
The funds were linked to the controversial BitConnect lending program, which promised high returns but eventually collapsed, leaving investors at a loss. ED officials tracked complex blockchain transactions, revealing that a significant portion of the funds was routed through the dark web and multiple crypto wallets to evade detection.
This action marks a milestone in India's efforts to regulate the crypto space and prevent financial crimes. Authorities continue to investigate potential links between this case and other international crypto scams, reinforcing the need for stricter regulatory oversight in digital asset transactions.
Author
Surabh Yadav
