The Enforcement Directorate (ED) has reached out to authorities in the United Arab Emirates (UAE) seeking assistance in attaching assets worth approximately ₹69 crore. These funds are allegedly linked to a ₹6,606-crore bitcoin Ponzi network that defrauded a vast number of investors across India.
A Cross-Border Crypto Fraud
Investigators believe the operators promised extraordinarily high returns through bitcoin trading, drawing thousands into the scheme. The ED’s probe indicates that a significant share of the proceeds was redirected offshore, using layered transactions to obscure its trail.
The Role of the UAE
With evidence suggesting that part of the funds moved into the UAE, the ED has initiated formal cooperation mechanisms. If approved, authorities may freeze or attach properties, accounts, or digital assets suspected to be purchased using illicit gains.
Growing Need for Global Enforcement Partnerships
The case highlights the challenges posed by cross-border crypto transactions and the need for coordinated international responses. For investors, it reinforces the importance of caution when dealing with unregulated digital-asset schemes.
Next Steps
The ED may expand its investigation based on future disclosures from UAE authorities. Asset recovery efforts will form a crucial part of the ongoing legal process.
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