India’s Enforcement Directorate (ED) has cracked down on an alleged cryptocurrency fraud operation in Maharashtra, leading to investor losses of over Rs. 4.25 crore (roughly $472,000).
The company performed search operations at three areas in Nagpur on January 7 below the provisions of the Prevention of Cash Laundering Act (PMLA), 2002.
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India’s ED Targets “Ether Trade Asia” in Crypto Rip-off Probe
In response to the press launch, the areas have been linked to Nished Mahadeo Rao Wasnik and his associates. The ED defined that Wasnik headed a bunch allegedly concerned in operating an unauthorized on-line platform often known as “Ether Trade Asia.”
Investigators declare the group organized promotional seminars at premium lodges in Nagpur and different components of Maharashtra. Throughout these occasions, organizers allegedly offered attendees with deceptive claims about funding alternatives. The ED stated the purpose was to “defraud harmless traders.“
“They designed and promoted the Ether Trade Asia platform by fabricating a fraudulent binary commission scheme with false promises and induced gullible investors by offering them exorbitantly high returns on investments purportedly made in ‘Ethereum’ cryptocurrency through various scheme floated under the banner of his firm M/s Ether Trade Asia and thereby collected huge amounts from the public,” the press launch learn.
In response to the company, the group used the funds raised for private use. ED estimates that investor losses exceed Rs. 4.25 crore. The investigation additionally discovered that the accused used the proceeds to amass each movable and immovable properties. These have been held both immediately by them or by way of relations and entities below their management.
Moreover, authorities said that Wasnik and his associates used part of the funds to buy cryptocurrencies. The accused hid this of their private wallets. In response to the ED, the newest search operation resulted within the seizure of incriminating paperwork and digital units.
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The ED additionally froze financial institution balances value greater than Rs. 20 lakh (roughly $22,000) and a private pockets holding digital belongings valued at roughly Rs. 43 lakh (round $51,000). Authorities additional recognized a number of properties, together with benami properties value a number of crores of rupees, allegedly purchased by the accused people.
A benami property is a property that’s held within the title of 1 individual, however paid for and really owned or managed by one other individual. The intention is to hide the true proprietor’s identification. The time period comes from Hindi: “benami,” that means “without a name.”
As well as, the ED has frozen cryptocurrencies value Rs. 4.79 crore (round $530,000) in a separate land fraud case in Chandigarh. Each investigations stay ongoing.
BREAKING: 🇮🇳 ED freezes ₹10.86 Cr in belongings, together with ₹4.79 Cr in Ramifi crypto tokens, in a fraud case involving ₹26.54 Cr.
The accused allegedly cheated folks by fraudulently promoting plots and luring traders with false guarantees of excessive crypto returns. pic.twitter.com/4nWV3dKloB
— Crypto India (@CryptooIndia) January 14, 2026
The investigations align with broader enforcement actions in opposition to crypto-related fraud and scams in India. In December, authorities dismantled a big pretend cryptocurrency-based Ponzi and multi-level advertising (MLM) scheme. The operation allegedly defrauded a whole lot of 1000’s of traders, leading to losses of $254 million.
The Enforcement Directorate (ED) additionally carried out search operations at 21 areas throughout Maharashtra, Karnataka, and Delhi. These operations focused one other crypto-linked MLM rip-off that was reportedly working for almost 10 years.
