ED seizes Rs 90 crore funds kept in Binance, Zebpay, WazirX wallets
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The Enforcement Directorate on Tuesday said it has taken into its custody an amount of Rs. Rs 90 crore held in cryptocurrency wallets of exchanges like Binance, Zebpay and WazirX, as part of a money laundering investigation linked to an online gaming app “scam”.
“These crypto assets were later taken into custody and transferred to the crypto wallet of the ED,” the federal agency said in a statement.
The investigation relates to an online gaming scam app “scam” called ‘e-Nugget’, which masqueraded as a gaming platform and “promised” users high returns on their investments.
An FIR lodged at Kolkata’s Park Street police station formed the basis of the ED case which was registered under the provisions of the Prevention of Money Laundering Act (PMLA).
The ED said the app offered a series of attractive games designed to place real money bets, promising users huge commissions and presenting the picture of a “golden investment” opportunity.
However, this facade was quickly broken when investments made with the app went dark and investors were left with no way to get their funds back, it was said.
The ED said it uncovered the alleged illegal activities of the app in 2022 and found that a part of the ill-gotten gains was invested in digital assets.
It said around 2,500 mule or dummy bank accounts were identified.
The agency said it has sought details of the crypto wallets involved in the case and has contacted cryptocurrency exchanges such as Binance, Zebpay and WazirX.
It said, “Information collected from Binance and other exchanges led to the freezing of funds amounting to approximately Rs 90 crore available in 70 accounts maintained with Binance, Zebpay and WazirX Holding Fund, which were linked to the scam. “
The agency had arrested two people – “mastermind” Aamir Khan and Romain Agarwal – and also filed a charge sheet in the case.
It earned a total of Rs. Seized, confiscated or frozen. The case involves assets worth Rs 163 crore which include cash, cryptocurrencies, bank account balances and some offices.
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