- India seizes $1.3M linked to a land and crypto fraud case.
- Accused include Sandeep Yadav and associates, habitual offenders.
- Ramifi tokens worth $530K are part of the fraud.
India’s Directorate of Enforcement has provisionally frozen $1.3 million in crypto assets linked to a $3.2 million land fraud involving Sandeep Yadav and associates, per recent reports.
The incident underscores increasing scrutiny on cryptocurrency use in fraud, highlighting potential regulatory actions and investor caution within India’s developing digital asset landscape.
India’s Directorate of Enforcement (ED) has frozen ₹10.86 crore ($1.3M) in crypto assets linked to a ₹26.54 crore ($3.2M) land fraud case. The case involves Ramifi tokens and alleged fraudulent plot sales.
Key figures in the case include Sandeep Yadav, Manoj Yadav, and Mohan Sharma. They are accused of deceiving victims through fake high-return crypto promises and plot sales, diverting funds to third-party accounts and real estate.
The impact extends to 20 fraud victims and involves additional frozen assets, including flats and land worth ₹6.06 crore ($670K). Sandeep Yadav and his associates are identified as persistent offenders with no previous crypto industry roles.
Financial implications are considerable, with laundered proceeds partly represented by Ramifi tokens in multiple wallets. This case underscores heightened cryptocurrency scrutiny and regulatory actions in India, as confirmed by the Haryana Police FIR investigation.
Prior searches recovered ₹17 crore in frozen cryptocurrency. This operation highlights India’s tough stance on crypto-related fraud amidst an ongoing investigation into suspects’ networks and laundering methods.
“The assets frozen in this case represent a significant move in India’s enforcement measures against crypto-based fraud,” notes an ED Press Release.
Future outcomes may include stricter regulatory measures on cryptocurrencies within India. Analysts foresee increased monitoring and tougher enforcement following similar incidents. This case could prompt further regulatory scrutiny of crypto assets and their use in fraud.
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