Enforcement Directorate raids Nagpur group tied to alleged 'Ether Trade Asia' scam

Beincrypto reported that India's Enforcement Directorate carried out search operations in Nagpur, Maharashtra, after cracking down on an alleged cryptocurrency fraud that caused investor losses of over Rs. 4.25 crore.

The ED said it searched three locations on January 7 under the Prevention of Money Laundering Act, linked to Nished Mahadeo Rao Wasnik and associates who allegedly ran an online platform called "Ether Trade Asia." Investigators said the group organised promotional seminars at premium hotels, promoted a fabricated binary commission scheme and promised exorbitant returns on Ethereum investments, and that funds collected were used for personal expenses and to buy movable and immovable assets, including benami properties. The agency said searches seized documents and digital devices and that it froze bank balances of more than Rs. 20 lakh and a personal wallet holding roughly Rs. 43 lakh in digital assets.

The ED also said it froze cryptocurrencies worth Rs. 4.79 crore in a separate Chandigarh land fraud case; both probes remain ongoing. The agency's actions follow broader enforcement efforts, including a December operation that dismantled a large fake crypto-based Ponzi and MLM scheme that reportedly defrauded hundreds of thousands of investors, the ED said.

Key Topics

Crypto, Ether Trade Asia, Wasnik, Enforcement Directorate, Pmla, Ethereum