Accused Sends Overseas Cryptocurrency Converted from Criminal Activity
The investigation agency said that the accused had converted the money obtained through criminal activity into cryptocurrency and sent it overseas.
The Indian financial crime investigating agency has frozen 85.9 bitcoins, equivalent to $1.6 million, held in an account on Binance. Separately, it also froze WRX, the native coin of WazirX, and USDT together, worth nearly $550,000. This is a major victory in the fight against gaming app fraud, and sends a strong message that such crimes will not be tolerated.
Aamir Khan, the accused in an estimated $8.5 million scam, was raided by the agency earlier this month in Kolkata. Indian currency equivalent to $2.2 million was recovered from several premises. Khan is only 25 years old.
E-Nuggets Scam: Don't Be Fooled by This Phony Investment Scheme!
The E-Nuggets initiative was a great success during the Covid-19 lockdown, with many people taking advantage of the games and app wallet service to earn some extra money. The attractive incentives on offer were a major factor in its popularity, and it is hoped that the initiative will continue to be successful in the future.
“Aamir Khan … launched a mobile gaming application, namely E-Nuggets, which was designed for the purpose of defrauding the public. Further, after collecting a sizable amount of money from the public, all of a sudden, withdrawal from the said App was stopped on one pretext or the other, ED said in its statement.
The investigating agency further added that the accused deleted all data and profile information from the App’s servers. This is a serious offense and the accused should be punished severely.
This is a great way to hide money, and it seems that more and more people are using cryptocurrency to do just that. With the anonymity that comes with these digital assets, it's no wonder that criminals are choosing this route to hide their ill-gotten gains. But fortunately, law enforcement is onto them and is finding new ways to track down these hidden assets.
“The balance of said transferred cryptocurrencies i.e. 77.62710139 Bitcoins [equivalent to USD 1573466 (Rs 12.83 Crore approximately)] at Binance crypto exchange has been frozen,” the ED said.
ED Investigation Finds No Wrongdoing
This is a developing story, and we will provide updates as more information becomes available. However, we believe that this paragraph provides an important glimpse into potential future problems with Aamir Khan's gaming app. If the local police are not interested in investigating potential money laundering activities linked to the app, it could indicate that corruption is involved. This could lead to serious problems down the road, so we will be keeping a close eye on this story.
The Directorate of Enforcement (ED) has begun its probe into the alleged Rs 11,300 crore Ponzi scheme scam, on the instruction of the Union Finance Ministry. The Ministry reportedly received alerts about the scam and its possible links to laundering, following which it has asked the ED to investigate the matter.
The arrest of Aamir Khan by the Enforcement Directorate (ED) on September 25 is a victory for justice. The ED had been searching for Khan since September 10, but he had evaded capture until now. The arrest of the investigating officer by the Kolkata Police is also a positive step, as it shows that the authorities are taking action against those who are accused of slack investigation.
The ED's crackdown on crypto exchanges and fintech companies is a welcome development, as these businesses have been largely unregulated until now. This new level of scrutiny will help protect consumers and ensure that these businesses operate in a fair and transparent manner.
The ED's investigations into private companies suspected of money laundering is a positive step towards cracking down on illegal activity in the crypto industry. By searching WazirX, Vauld, and CoinDCX, the agency is sending a message that it is serious about rooting out wrongdoing. This will help to create a more fair and transparent crypto market, which is good for everyone involved.
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The post India’s ED Freezes $1.6 Million in BTC of Accused in Gaming App Fraud appeared first on CryptoPotato. The article discusses how the Enforcement Directorate in India has frozen $1.6 million in Bitcoin belonging to those accused of running a fraudulent gaming app.
