By A Staff Reporter
Ahmedabad – The Enforcement Directorate (ED) has conducted search operations in connection with the Bitconnect cryptocurrency fraud case, resulting in the seizure of digital assets worth approximately ₹1,646 crore. The searches were carried out on February 11 and February 15, 2025, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to an official statement by ED, the search operations led to the recovery of various cryptocurrencies identified as "Proceeds of Crime." In addition to digital assets, authorities also seized ₹13,50,500 in cash, a Lexus car, and multiple digital devices.
The Bitconnect scam, one of the largest cryptocurrency frauds, has been under global scrutiny, with several enforcement agencies investigating its financial irregularities. The ED’s latest action marks a significant step in cracking down on illicit cryptocurrency dealings in India.
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