India Freezes $1.3M in Crypto Assets in $3.2M Investment Fraud Case

Source: CryptoTale Original Title: India Targets Crypto-Linked Scam After $1.3M Asset Seizure Original Link: India’s financial crime watchdog has frozen assets worth approximately $1.3 million, including cryptocurrency, as part of a broader $3.2 million investment fraud investigation involving fraudulent land sales and cryptocurrency return promises. The Enforcement Directorate, operating through its Chandigarh Zonal Office, confirmed the action on January 13, 2026, under the Prevention of Money Laundering Act.

Officials stated that the move followed an investigation into a scheme combining fraudulent land sales with promises of high cryptocurrency returns, affecting roughly 20 investors.

Enforcement Directorate Moves to Secure Assets

The Enforcement Directorate provisionally attached movable and immovable properties valued at Rs. 10.86 crore under the Prevention of Money Laundering Act, 2002. According to the agency, the attached assets include residential flats and land worth approximately Rs. 6.06 crore, alongside cryptocurrency holdings valued at roughly Rs. 4.79 crore.

Investigators disclosed that the seized digital assets mainly consisted of Ramifi tokens stored across multiple crypto wallets linked to the accused. The agency stated: “The investigation leads to attachment of Flat & land worth Rs. 6.06 Crore and cryptocurrencies lying in the crypto wallets in the shape of Ramifi Tokens worth Rs. 4.79 Crore.”

Details of the Alleged Fraud Scheme

The case originated from a First Information Report filed by Haryana Police against Sandeep Yadav and his associates. Authorities allege the group sold land plots fraudulently while simultaneously luring victims with claims of guaranteed cryptocurrency profits.

Investigators stated victims transferred funds after assurances of unusually high returns from combined property and digital token investments. During the probe, officials estimated that approximately 20 individuals suffered financial losses through the scheme.

The Enforcement Directorate stated: “During a detailed financial investigation, it was found that Sandeep Yadav and his associates allegedly cheated around 20 people by luring investors with promises of unusually high returns through cryptocurrency investments.”

Officials assessed the total proceeds of crime at Rs. 26.54 crore, equivalent to approximately $3.2 million. Authorities stated that the accused routed funds through third-party bank accounts, withdrew large amounts in cash, and later used the money to acquire property and crypto assets.

Ongoing Investigation and Wider Context

The Enforcement Directorate stated that the individuals concerned are habitual criminals and reiterated that the probe remains active. The agency’s intention behind attaching assets is to secure them from being moved or sold off while court proceedings proceed under PMLA law.

The authorities clarified that provisional attachment is a means of preserving the value of alleged proceeds of crime until an adjudicating body reviews the case. This measure is part of the larger initiative by the Indian government to combat financial crimes connected with cryptocurrency in conjunction with traditional fraud cases.

In recent months, law enforcement agencies have been freezing bank accounts and crypto wallets in similar investigations connected with digital assets. These matters frequently involve the use of cryptocurrency alongside conventional asset fraud to obscure money trails, thus attracting increased attention from investigators.