India's Directorate of Enforcement Targets Fraudulent Trading Firm Crypto World Trading Company, Seizes Assets Exceeding ₹30M

On December 30, India's Directorate of Enforcement (ED) announced raids against a fraudulent investment entity named "Crypto World Trading Company."

Authorities conducted actions at nine residential premises in Ambala, Kurukshetra, Karnal, and Chandigarh on December 24 under the Prevention of Money Laundering Act.

During the operation, authorities seized various documents and digital evidence, including immovable properties valued at approximately ₹30 million. Additionally, 18 bank accounts containing ₹2.238 million in illicit proceeds were frozen, along with ₹400,000 in cash.

The ED’s investigation originated from a complaint filed with the Haryana police. A victim alleged fraud by Vikas Kalra, Tarun Taneja, Kapil Kumar, and Pawan Kumar.

Investigations revealed that these individuals colluded to defraud multiple local victims of tens of millions of rupees. They created a fraudulent online trading platform under the name "Crypto World Trading Company" and lured investors into investment.

Additionally, the fraudsters created cryptocurrency wallets on the crypto exchange Binance to receive victims' funds. Police analysis of their bank accounts revealed they not only used their own accounts to receive investor money but also employed family and friends' accounts to transfer funds through multiple layers. It is reported that the fraudsters used these funds to purchase real estate under their family members' names.

BrokersView reminds you

All investors are advised to verify the licenses of trading platforms and financial firms to ensure that they are authorized by local financial regulators before making any investment decisions. Unauthorized financial activities often carry a high risk of investment scams.

If you would like to find out the regulatory status of a trading platform, you can search for the platform's name in BrokersView.