In a significant crackdown on financial fraud, the Enforcement Directorate (ED) has launched a series of raids in Haryana and Chandigarh targeting a crypto investment scam. This operation highlights the growing concerns over fraudulent activities in the cryptocurrency sector, as The source notes that such scams are becoming increasingly prevalent.
ED Raids Crypto World Trading Company
The ED conducted raids at nine locations associated with the Crypto World Trading Company, which is under suspicion for defrauding a large number of investors. During these operations, authorities seized crucial digital evidence and took action to freeze 18 bank accounts, which collectively hold around 2238 lakh.
Investigation Triggered by FIR
This investigation is a direct result of a First Information Report (FIR) filed by the Haryana police, naming several individuals linked to the alleged scam. The ED's actions underscore the increasing vigilance of regulatory bodies in combating financial crimes within the rapidly evolving crypto landscape.
In light of recent regulatory actions against cryptocurrency scams in India, the Philippine government has also taken steps to regulate the market by blocking access to major exchanges. For more details, see read more.
