Chandigarh, February 13: The Enforcement Directorate (ED) has taken decisive action against a significant crypto-related Ponzi scheme and money laundering case in Chandigarh. Under the Prevention of Money Laundering Act (PMLA) of 2002, the ED has provisionally attached assets worth ₹6.20 crore, which includes seven immovable properties valued at ₹4.50 crore and ₹1.70 crore in cash.
The investigation was initiated based on an FIR lodged by the Haryana Police against key suspects, Vikash Kalra and Tarun Taneja, among others. This FIR was filed following multiple complaints from investors. The probe revealed that the accused are involved in several FIRs across different police stations. Kalra and Taneja allegedly established a fictitious and non-existent company under the name “Crypto World Trading Company.”
The accused created a website for this bogus company, enticing thousands of unsuspecting investors with promises of high returns. They collected funds from investors, created user IDs, and displayed returns as credit points. However, these points could only be redeemed if investors recruited new members into the scheme. This method is characteristic of a classic Ponzi scheme, where returns for older investors are paid using the funds from new investors.
The investigation uncovered that the investments, amounting to millions, were primarily sourced through cash, bank accounts, and crypto wallets. The ED scrutinized multiple bank accounts belonging to the suspects and their family members. It was found that the proceeds of crime were laundered through layered transfers across various bank accounts and crypto wallets. Ultimately, these funds were invested in real estate under the names of family members.
Cash obtained from criminal activities was also directly used to purchase properties. The seven attached properties are registered in the names of the main accused and their family members, totaling ₹4.50 crore in value. Additionally, ₹1.70 crore in cash has been seized. These assets are either proceeds of crime or equivalent in value.
To prevent the transfer, sale, or disposal of these assets, the ED has issued a provisional attachment order. Further arrests and asset attachments are likely in this ongoing investigation.
My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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