ED seizes cryptocurrency worth Rs 1,646 Cr in mega money laundering probe

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The Enforcement Directorate (ED) has seized its biggest-ever cryptocurrency worth Rs 1,646 crore as part of a "mega" money laundering investigation into a fraud investment scheme where numerous depositors were duped in the name of securities investment, official sources said.

The agency had attached assets worth Rs 489 crore in this case in the past.

The promoters posted "fictitious" returns on the BitConnect web portal that amounted to an average of 1% per day or about 3,700% on an annualised basis, the sources said.

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Author / Journalist: Press Trust of India

Category: StartupsEconomyBusiness

Markets: India

Topics: Funds Laundering Wallets Digital Bitconnect Agency Sources Transactions Crypto Privacy Worth

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-16 @ 05:40:02 (3 days ago)

News Timezone: GMT +8:00

News Source URL: yourstory.com

Language: English

Article Length: 465 words

Reading Time: 3 minutes read

Sentences: 21 lines

Sentence Length: 23 words per sentence (average)

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Copyright Owner: © YourStory

News ID: 26185634

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