🚨🇮🇳 India's Biggest Crypto Seizure: ₹1,646 Crore (above 189.4 million USD) Recovered
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Biggest-ever cryptocurrency seizure in India! The Enforcement Directorate (ED) has seized ₹1,646 crore worth of cryptocurrency in a mega money laundering investigation. This is the largest-ever seizure of virtual digital assets in the country.
The ED has been investigating a fraud investment scheme where numerous depositors were duped in the name of securities investment. The scheme, known as BitConnect, promised investors returns as high as 40% per month using a proprietary trading bot. However, the ED found that these claims were false and that the accused had siphoned off investor funds for their own benefit ¹.
In addition to the cryptocurrency seizure, the ED has also seized ₹13.50 lakh in cash, an SUV, and several digital devices. The agency had previously attached assets worth ₹489 crore in this case.
This is a significant development in the ED's efforts to crack down on money laundering and financial fraud in India.
