Chandigarh, Jan 13 (IANS) The ED seized a flat, land and cryptocurrencies worth Rs 10.86 crore belonging to the accused who cheated dozens of investors after luring them with high returns on buying land at low rates, an official said on Tuesday.
The ED, Chandigarh Zonal Office, provisionally attached the movable and immovable properties worth Rs 10.86 crore, including cryptocurrencies lying in the crypto wallets in the shape of Ramifi Tokens worth Rs 4.79 crore, under PMLA, 2002, in the case of cheating against Sandeep Yadav, Manoj Yadav and others, the official said.
The accused, who duped investors in the name of selling plots at cheaper rates and illegal cryptocurrency investments, had used the Proceeds of Crime by diverting the funds to properties, the ED said.
In August last year, the Enforcement Directorate (ED), Chandigarh Zonal Office, conducted search operations at four locations across Gurugram (Haryana) under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The searches were carried out in connection with an ongoing investigation into a case involving cheating in the name of selling plots at cheaper rates and illegal cryptocurrency investments, where the public was lured with promises of exorbitant returns by Sandeep Yadav, Manoj Yadav and others.
The search operations led to the seizure of various incriminating documents and digital devices, along with the freezing of 17 bank accounts having a balance of approximately Rs 42 Lakh, linked to the accused persons, the ED said.
In addition, immovable properties valued at over Rs 15 crore were identified, said the probe agency.
The ED initiated the investigation based on an FIR registered by the Haryana Police against Sandeep Yadav, Manoj Yadav and others.
Investigations have revealed that Sandeep Yadav, Manoj Yadav and Mohan Sharma, in connivance with other close associates, were involved in cheating the public by enticing them into selling land at lower rates, the ED said.
The Proceeds of Crime (PoC) generated through these fraudulent activities were subsequently invested in movable and immovable assets as well as in cryptocurrencies with the assistance of their associates, the ED said.
–IANS
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