The Enforcement Directorate (ED) in Ahmedabad has seized cryptocurrency valued at Rs 1,646 crore as part of its investigation into the BitConnect cryptocurrency fraud, where numerous investors were allegedly deceived under the guise of securities investment.
During searches conducted in Gujarat on February 11 and 15, the agency also confiscated Rs 13,50,500, an SUV, and various digital devices.
In a statement released on Saturday, the ED announced that its investigation was initiated under the Prevention of Money-Laundering Act (PMLA), based on FIRs filed by the CID Crime Police Station in Surat.
Between November 2016 and January 2018, the accused allegedly collected investments worldwide, including from India, the ED reported. BitConnect’s founder, operating as an unincorporated entity, established a global network of promoters and incentivized them with commissions.
