Cryptocurrency

2024

when

Billion

The Enforcement Directorate (ED), <a href="https://enforcementdirectorate.gov.in/sites/default/files/latestnews/Press_Note_-_Crypto_Possession%2030-04-2024%20-4.pdf" target="_blank" data-type="link" data-id="https://enforcementdirectorate.gov.in/sites/default/files/latestnews/Press_Note_-_Crypto_Possession%2030-04-2024%20-4.pdf" rel="noreferrer noopener" data-wpel-link="external">has seized</a> a whopping 90 crores ($10.5 million) from an online scam app called E-Nuggets, with some valuable assistance from major crypto exchanges like Binance, ZebPay, and WazirX. 
E-Nugget, masquerading as an online gaming app, had stashed cryptocurrencies worth $10 million in 70 different crypto wallet accounts scattered across these exchanges. 
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 प्रवर्तन निदेशालय (ईडी), कोलकाता ने "ई-नगेट" नामक एक प्रमुख "ऑनलाइन गेमिंग ऐप घोटाले" के विरुद्ध एक सफल ऑपरेशन का नेतृत्व किया। गेमिंग प्लेटफॉर्म के रूप में प्रस्तुत किए गए ई-नगेट ऐप ने उपयोगकर्ताओं को उनके निवेश पर उच्च रिटर्न का वादा किया। क्रिप्टो संपत्तियों को बाद में ईडी ने…— ED (@dir_ed) <a href="https://twitter.com/dir_ed/status/1785932845523108221?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">May 2, 2024</a>
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The ED swiftly acted, contacting the exchanges to block the nefarious wallet addresses and transfer the ill-gotten crypto assets to the agency’s wallet. The modus operandi of the E-Nugget app was quite slick: it lured customers with promises of hefty returns on investment under the guise of a gaming platform. The app flaunted a slew of real-money games with tempting commissions, enticing users to splash their cash and once the investment was made, the app vanished into thin air, leaving investors unable to get their funds back. 
The agency’s crackdown didn’t stop there. They’ve seized properties valued at over 163 crores ($19.5 million), including cash, cryptocurrencies, account balances, and office space. 
This saga began back in 2022 when suspicions were first raised due to the app’s investment in digital assets. The ED’s investigation uncovered a whopping 2,500 dummy bank accounts and a stash of 19 crores ($2.2 million) in cash. 
Aamir Khan and Romen Agarwal, the alleged masterminds, are now in custody following a scheme exposed by blockchain technology. Despite the use of digital assets for illicit transactions, law enforcement successfully traced, froze, and seized the funds. 
Such cases underscore blockchain’s transparency, countering cryptocurrency critics’ claims of money laundering havens. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/30/ed-fbi-teamed-up-for-30-billion-cryptocurrency-scam/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">ED &amp; FBI Teamed Up for $30 Billion Cryptocurrency Scam</a> 
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Indian Authority Bust ‘E-Nugget’ App Scam with Binance

The Crypto Times

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