In the E-Nugget case, the Enforcement Directorate has taken possession of frozen crypto assets worth close to ₹ 90 crore.
The E-Nugget scam involved a cryptocurrency investment scheme where investors were promised high returns. However, it turned out to be a Ponzi scheme, with funds being used to pay earlier investors rather than being invested as promised. This led to significant financial losses for many investors and legal actions against those responsible for orchestrating the scam. In 2022, the Indian enforcement agency the Enforcement Directorate (ED) took strict action to seize the funds involved with E-Nugget.
In the latest, the ED body has taken possession of frozen crypto assets worth close to ₹ 90 crore ($10.78 million), earlier kept in 70 crypto accounts maintained with Binance, ZebPay, and WazirX.
ED, Kolkata led a successful operation against a major “online gaming app scam” known as “E-Nugget”. The E-Nugget app, masqueraded as a gaming platform, promised users high returns on their investments. Crypto assets which were taken into possession of ED are transferred into…
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— ED (@dir_ed) April 30, 2024
The majority of crypto enthusiasts call this move a very big achievement for not only ED but also for the crypto industry, as crypto’s decentralised nature helped them to trace the financial transaction easily & as well as the successful seizure of the funds.
Along with these seizures, ED seized Bank account balances totalling Rs 2.43 crore, while previously, they had attached properties valued at Rs 163 crore in connection with this case.
It is worth it to note that over the past couple of years, Indian enforcement agencies have shown significant inclination against these bad actors who are using cryptocurrencies in any kind of illegal activities.
Just a few weeks ago, ED seized a bungalow of Shilpa Shetty. They took this action as a part of the gain Bitcoin Ponzi scheme case, as they found Shetty’s husband Raj Kundra linked in the case.
Allegedly Kundra received 285 BTC (worth 150 crores INR) from the Gain Bitcoin Ponzi scheme mastermind to set up a Bitcoin mining firm in Ukraine.
Read also: Bitcoin analyst says “It was the last Deviation before its run to $110,000”
ED seizes crypto assets worth about $11 Million from Binance & other 2 crypto exchanges
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https://bitcoinik.com/ed-seizes-crypto-assets-worth-about-11-million-from-binance-other-2-crypto-exchanges/feed/
