In the Dehradun cryptocurrency fraud
In the Dehradun cryptocurrency fraud, the ED seizes assets worth Rs 4.5 cr.
In the Dehradun cryptocurrency fraud December 14, New Delhi (IANS): According to an official on Saturday, the Directorate of Enforcement (ED), Dehradun, had temporarily attached movable and immovable properties totaling Rs 4.56 crore in the BTC Fund Scam, which allegedly included the illicit trade of bitcoin.
The confiscated assets, which include bank balances and four real estate properties, are the property of accused Hemant Sharma and others who allegedly defrauded customers using the website “BTCFUND.in.”
In accordance with the Prevention of Money Laundering Act (PMLA), 2002, the properties were seized. According to a statement, these are the property of Hemant Sharma, son of Ishwar Sharma, who lives on Rajpur Road in Dehradun. In the Dehradun cryptocurrency fraud
Under the penal laws pertaining to cheating against Hemant Sharma and others, the ED started an inquiry based on a First Information Report filed by Police Station Dineshpur, District Udham Singh Nagar, Uttarakhand, and Police Station Rajpur, Dehradun. In the Dehradun cryptocurrency fraud
According to the ED investigation, Hemant Sharma obtained large sums of money fraudulently from the sale of bitcoin that was invested in by several individuals on the website BTCFUND.in, which was under the control of Hemant Sharma and other co-accused. In the Dehradun cryptocurrency fraud
Hemant Sharma has deceived customers by promising large returns and claiming that the company was also connected to numerous foreigners and that investors from all throughout India had put money into the site.
According to the findings of the ED investigation, Hemant Sharma used the money obtained from the crime of defrauding people to purchase four real estate assets, some of which were then transferred to his bank account. In the Dehradun cryptocurrency fraud
In 2019, another Bitcoin scam that allegedly involved Rs 485 crore shook the capital of Uttarakhand. Two cryptocurrency businesses that enticed investors with large returns—BITZEX and BTC BITZ COIN SHUKKOR—were at the center of the scam.
The scam’s mastermind was killed, and seven people—three of them were from Kerala’s Mallapuram—were taken into custody by authorities. Just before they were about to turn themselves in to the police, the three suspects were arrested from Mandowala in Dehradun. In the Dehradun cryptocurrency fraud
Frequently Asked Question
The Dehradun cryptocurrency fraud case involves a scam led by Hemant Sharma and others, who allegedly defrauded investors through a website called BTCFUND.in. They promised high returns on bitcoin investments, deceiving individuals across India.
The ED seized movable and immovable properties worth Rs 4.56 crore under the Prevention of Money Laundering Act (PMLA), 2002. The assets include bank balances and four real estate properties linked to Hemant Sharma and his associates.
The scam operated through the website BTCFUND.in, where Hemant Sharma and his associates falsely promised high returns on bitcoin investments. They claimed connections with foreign investors and attracted individuals from across India, fraudulently obtaining significant amounts of money.
The ED launched an investigation based on FIRs registered in Uttarakhand. They uncovered the fraudulent activities, identified the properties purchased with the proceeds of the crime, and seized the assets. In a related 2019 scam, authorities arrested suspects and took legal actions.
To avoid cryptocurrency scams:
- Verify the legitimacy of investment platforms.
- Be cautious of promises of guaranteed high returns.
- Research the background of companies and individuals involved.
- Avoid sharing sensitive financial information with unverified sources.
- Consult a financial expert before making investments.
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