Ed PMLA seizes the ‘largest’ crypto fund price of ₹ 1,646 crore in the case

New Delhi, 15 February (PTI) Enforcement Directorate (ED) has seized its biggest cryptocurrency Official sources said that as part of a “mega” money laundering investigation, in a fraud investment scheme where many depositors were cheated in the name of securities investment, official sources said.

The Ahmedabad office of the Federal Investigation Agency has also seized 13.50 lakh cash, an SUV and several digital devices, on Saturday ended a new round of discoveries in the case related to “fraud” and offer securities as investment through ‘Bitter Landing Program’.

The ED case filed under the prevention of the Money Laundering Act (PMLA), Surat Police, stems from a cedar of the Crime Branch, stating that the alleged fraud which took place between November 2016 – January 2018 (after demonization).

The agency deployed a team of its technical-loving experts, who examined the “complex web” of transactions in several “Crypto Wallets to disrespect the original and controllers of these crypto wallets.

Sources said that it was found that several transactions were done through “Dark Web” to make the transaction unattainable.

He said that the agency tracked the “several” web wallets and gathered ground intelligence on the wallet and the zero-in-on-on-on-on-on-on-on, where digital devices with the said crypto currencies were available.

Sources told PTI that worth the cryptocurrency 1,646 crore was confiscated and transferred to a special crypto wallet of the agency, causing the biggest seizure of virtual digital assets in the mega money laundering investigation that is still going on.

During the investigation, the agency found that the founder of an unirrigated organization Bitkanect “established a worldwide network of promoters, and rewarded them for their promotional efforts by paying commissions.”

Investors to “motivate” to deposit money as cash and bitcoin, in the alleged lending program, representing bitcanes, among other things, that it is a alleged ownership “volatility software trading bot” (trading bot ) Will deploy, that, he claimed that the investor fund would be used to generate more than 40 percent of returns per month, the ED found.

Sources said the promoters posted “fictional” returns on the bitcoonom web, which was an average of 1 percent per day or about 3,700 percent on an annual basis.

These claims were a “Sham” because the accused knew that Bitkanect did not deploy investor funds to trade with his alleged trading bot, but he stopped the funds of investors for his own profit, and The benefits of their colleagues, by transferring those funds, by transferring those funds. For him controlled digital wallet address, sources said.

The agency attached the property worth 489 crores in this case in the past.

Sources said that foreign nationals also “investment” in bitcanes and “main accused” is being investigated by federal officials in the US.