ED raids against 'fraud' crypto platform that routed funds through Binance

New Delhi, Dec 30 (PTI) The ED has conducted searches at multiple locations in Haryana and Chandigarh in connection with a case where some accused opened funds receiving accounts on global crypto currency exchange Binance and "cheated" investors by operating a "fraud" online platform.

The federal probe agency said in a statement on Tuesday that it conducted searches at nine residential premises located in Ambala, Kurukshetra, Karnal and Chandigarh on December 24 in the case against an entity named Crypto World Trading Company.

The ED case, filed under the provisions of the Prevention of Money Laundering Act (PMLA), stems from an FIR of the Haryana Police against four persons identified as Vikas Kalra, Tarun Taneja, Kapil Kumar and Pawan Kumar.

The agency alleged that the accused "cheated" funds worth crores of rupees from numerous people by alluring them to invest in Crypto World Trading Company, an online platform.

The accused created the "fraudulent" platform with an intent to "deceive" innocent investors of their hard-earned money, it claimed.

Probe found that "the accused created crypto wallets on Binance where they received money from various investors".

"Analysis of bank accounts of accused persons reveals that investments from various investors were received in their personal bank accounts and layered through bank accounts of their family members and associates," the ED said.

The accused and Binance could not be contacted immediately for a response on the ED charges.

According to the agency, the illicit funds have been utilised by the accused in acquiring immovable properties in the name of their family members.

The ED also said that it seized Rs 4 lakh in cash, "incriminating" documents, digital devices and froze 18 bank accounts having Rs 22.38 lakh. PTI NES KVK KVK