Rs 2,000 crore crypto scam: ED raids multiple locations in Kangra, Mandi

The Enforcement Directorate (ED) on Saturday carried out coordinated search operations at multiple locations in Himachal Pradesh’s Kangra and Mandi districts in connection with an alleged cryptocurrency fraud, signalling a major escalation in the probe into what investigators describe as large-scale cheating of investors.

Confirming the raids, a senior ED official said that more than 80 individuals in the hill state have come under the agency’s scanner. Legal action, the official added, would be initiated based on the findings of the ongoing investigation. The searches were conducted as part of a money-laundering probe into suspected crypto-related schemes that allegedly duped investors of substantial sums.

ED teams, assisted by Central Reserve Police Force (CRPF) personnel, swooped down on Sundernagar town in Mandi district and Nagrota Bagwan in Kangra district early Saturday morning. During the operation, officials examined documents, electronic devices and financial records at the premises under search. At least five individuals were questioned at the two locations regarding their financial dealings and links to cryptocurrency investments.

However, ED officials remained tight-lipped on whether any recoveries, seizures or detentions were made during the searches. They maintained that a clearer picture would emerge only after the completion of the investigation and a detailed scrutiny of the material collected during the raids.

In Sundernagar, the ED searched the residence of Ravikant, a resident of Chambi village under Sundernagar tehsil, along with premises linked to one of his associates. Ravikant has allegedly been accused of duping investors of crores of rupees by enticing them to invest in cryptocurrency schemes with promises of high returns.

In Nagrota Bagwan, ED officials questioned several individuals, including a retired electricity board officer and a pharmacist. One of the persons under scrutiny was reportedly associated with the school bus business and is alleged to have persuaded others to invest in cryptocurrency after making investments himself.

The ED action comes against the backdrop of a massive cryptocurrency scam that has rocked Himachal Pradesh over the past two years. The Himachal Pradesh Police had earlier arrested 80 persons in 13 separate cases linked to the alleged Rs 2,000-crore scam. Of those arrested, 76 were from Himachal Pradesh, while four hailed from outside the state. The police had also seized movable and immovable properties worth around Rs 37 crore from 14 accused fraudsters.

According to investigators, the accused lured people into investing their hard-earned money through websites offering virtual currencies and promised to double the investments. While some early investors received initial returns, many others were eventually defrauded as the operators siphoned off funds through fake websites and fraudulent digital coins, leaving investors without any returns.