ED attaches commercial assets in Dubai in Bitcoin investments fraud case
money laundering probe into an «illegal» Bitcoin investments fraud case. The assets belong to late Amit Bhardwaj who was booked by the ED and the Maharashtra and Delhi Police as part of this investigation.
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The federal probe agency had earlier attached assets worth Rs 172 crore in this case in which it has arrested three persons and filed two chargesheets in 2019 and 2024.
A provisional attachment order was issued on February 17 under the Prevention of Money Laundering Act (PMLA) for properties worth Rs 10.63 crore, including commercial properties situated in prime business centres of Dubai, UAE, the ED said in a statement.
Apart from late Amit Bhardwaj, the police FIRs also named Variable Tech Pvt Ltd, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj and a number of multi-level marketing agents on charges that they collected huge amounts of Bitcoins from gullible people with the false promise of 10 per cent per month return in the form of the cryptocurrency, it said.
The ED claimed the collected cryptocurrencies were supposed to be utilised for Bitcoin mining and investors were supposed to get huge returns in crypto assets.
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