ED seizes Rs 1,144 crore crime proceeds, arrests 20 persons in crypto fraud cases

The Enforcement Directorate has seized proceeds of crime amounting to Rs 1,144 crore and arrested 20 individuals in circumstances associated to frauds in cryptocurrency/ digital digital property, Minister of State for Finance Pankaj Chaudhary mentioned on Monday.

Further, beneath Foreign Exchange Management Act, 1999 (FEMA) property amounting to Rs 270.18 crore have been seized beneath part 37A of FEMA and one present trigger discover to cryptocurrency alternate Zanmai Labs Pvt Ltd, generally known as WazirX, and its Directors beneath FEMA for transactions involving cryptocurrencies value Rs 2,790.74 crore has additionally been issued.

In a written reply within the Lok Sabha, as per the Financial Action Task Force (FATF), the anonymity related to digital property attracts criminals.

“The Directorate of Enforcement is investigating several cases related to crypto currency / virtual digital currency frauds wherein a few crypto exchanges have also been found involved in money laundering,” Chaudhary mentioned.

The ED has taken motion as per provisions of the Prevention of Money Laundering Act (PMLA), 2002.

As of date, proceeds of crime amounting to Rs 1,144.47 crores (approx.) have been hooked up/seized/frozen and 20 individuals have been arrested. Further, 12 Prosecution Complaints (PCs) together with 2 supplementary PCs have been filed earlier than the Special Court, PMLA in these circumstances.

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