Crypto Fraud Scandal: ED Cracks Down in Haryana and Chandigarh

The Enforcement Directorate (ED) has searched locations in Haryana and Chandigarh in connection with a cryptocurrency fraud involving Crypto World Trading Company. Four individuals allegedly deceived investors, channeling their funds through personal and associates' bank accounts. The ED seized cash, documents, and froze multiple bank accounts.

The Enforcement Directorate (ED) has launched an investigation into an alleged cryptocurrency fraud perpetrated by Crypto World Trading Company. Raids in Haryana and Chandigarh revealed a network of deceitful practices designed to swindle investors.

Authorities searched nine residential properties across Ambala, Kurukshetra, Karnal, and Chandigarh, following an FIR from the Haryana Police. The investigation, under the Prevention of Money Laundering Act (PMLA), identified four suspects: Vikas Kalra, Tarun Taneja, Kapil Kumar, and Pawan Kumar.

The suspects allegedly enticed investors with false promises, utilizing Binance to manage illicit funds. Analysis indicates these funds were laundered through various bank accounts, ultimately purchasing property. The ED confiscated cash, documents, digital devices, and froze bank accounts worth Rs 22.38 lakh.