ED raids multiple states in Rs 600-cr crypto scam

The Directorate of Enforcement (ED) has conducted a series of search operations across multiple states under the provisions of the Foreign Exchange Management Act (FEMA) in a Rs 600 crore crypto currency conversion case, an official said here on Monday.

The raids were conducted in Delhi, Jaipur, and Mumbai, on February 20.

According to the official, the case pertains to conversion of Crypto worth around Rs. 600 Crore at various Indian Crypto Exchanges and subsequent transfer of the funds to the beneficiaries.

The ED initiated the investigation based on a “newspaper report” that an Indian national named Chirag Tomar was undergoing prison sentence in US for stealing more than $20 million from hundreds of victims through the use of fake or spoofed websites mimicking the cryptocurrency exchange website Coinbase. Tomar was sentenced to 60 months of prison last year in October by a US Court.