The Enforcement Directorate (ED) has launched raids in Delhi, Jaipur, and Mumbai, targeting a significant cryptocurrency fraud under the Foreign Exchange Management Act (FEMA). The investigation centers on the alleged conversion of approximately ₹600 crore worth of crypto assets across multiple Indian exchanges.
The ED initiated the probe following media reports regarding Chirag Tomar, an Indian national suspected of involvement. The search operations aim to uncover further details about the fraudulent activities and the individuals involved in the large-scale cryptocurrency conversion scheme. Authorities are likely focusing on identifying the flow of funds and the network of individuals facilitating the illicit transactions. The ED’s actions underscore the growing concern over the misuse of cryptocurrencies for illegal activities and the increasing regulatory scrutiny within the Indian crypto market.
