ED Cracks Down on Crypto Scam, Attaches ₹400 Crore in Punjab, Haryana and Other States
Chandigarh, 31 August 2025 – In a major crackdown on cryptocurrency fraud, the Enforcement Directorate (ED) has attached assets worth ₹400 crore across four states, including Punjab, Haryana, Uttar Pradesh, and Himachal Pradesh. Dozens of shell companies linked to the scam were also identified and seized.
The investigation targets Lavish Chaudhary, who, along with his associates, allegedly defrauded investors through fake cryptocurrency platforms like Cryptofx, Wirefx, Yorkfx, and Botto. These platforms purportedly promised high returns on investments but were used to siphon off investors’ funds.
The ED revealed that the operation, under the Money Laundering Act, uncovered shell companies and multiple bank accounts used for laundering the proceeds. Authorities believe the scam could involve over ₹50,000 crore in potential fraud.
According to officials, Lavish Chaudhary had earlier defrauded investors of ₹1,500 crore and transferred much of the money to Dubai. Investigators also found that foreign networks were used to launder funds and mislead investors.
The probe has uncovered 194 “Mule Accounts” linked to the illegal funds, totaling ₹394 crore, which have already been frozen. The scam reportedly involved complex structures and networks, including digital services companies, financial platforms, and media entities.
The ED emphasized that Chaudhary’s operation promised high returns to lure investors while paying commissions to agents to expand the network, making it one of the largest crypto frauds in recent years.
Authorities are continuing their investigation to trace the complete network and are coordinating with foreign agencies to recover further assets.
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