New Delhi [India], March 1 (HBTV): The Enforcement Directorate (ED) seized cryptocurrency amounting to INR 17.20 crore across multiple wallets during searches conducted at six locations in Haryana on Thursday, the agency said.

The ED's Chandigarh zonal office seized the amount during raids conducted on February 24 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in a recently registered cryptocurrency scam case.

The cryptocurrency, amounting to INR 17.20 crore across multiple wallets, was owned and managed by Mahesh Kumar and his associates, the ED stated.

'The search operations also resulted in the seizure of several mobile phones, which were found to have been used to access cryptocurrency wallets through multiple apps installed on these devices,' said the agency.

'The seized devices have been sent for forensic examination and are expected to yield more incriminating material.'

According to the ED, this cryptocurrency racket was being operated from a remote location in Haryana to evade law enforcement agencies.

The agency initiated the investigation based on a First Information Report (FIR) registered by the Haryana Police, along with a complaint from a victim of the illegal cryptocurrency investment scam. Mahesh Kumar from Hisar, along with three accomplices from Bhiwani, Haryana, was found to be involved in the racket.

'All these individuals, in connivance with one another, lured several investors into investing in cryptocurrency by promising exorbitant returns and duped them of crores of rupees,' the ED stated.

The investigation revealed that multiple cryptocurrency wallets were operated by Mahesh Kumar in active association with his accomplices.

Mahesh Kumar and his associates orchestrated the scam with the intent to generate funds by deceiving individuals with false promises of high returns on cryptocurrency investments.

'By adopting this modus operandi, Mahesh and his team not only generated proceeds of crime (POC) but also laundered them by investing in cryptocurrency wallets through decentralised exchanges,' the agency stated.

The ED added that this discovery highlights the rapidly expanding reach of cryptocurrency-related activities, posing new challenges for regulators and law enforcement agencies.

(ANI)