ED Provisions Rs. 4.56 Crore in Assets Linked To BTC Fund Scam, Targets Hemant Sharma’s Illicit Earnings
(Judicial Quest News Network)
In a major move in the ongoing investigation of the BTC Fund Scam, the Directorate of Enforcement (ED) in Dehradun has provisionally attached assets worth approximately Rs. 4.56 Crore belonging to Hemant Sharma, a key figure in the scam. These assets include four immovable properties and significant bank balances, all linked to the proceeds of a fraudulent Bitcoin investment scheme. The attachment was made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED’s action follows an FIR filed by the Rajpur Police Station in Dehradun and another case registered by the Dineshpur Police Station in Udham Singh Nagar, Uttarakhand. Hemant Sharma, along with several co-accused individuals, has been charged under various sections of the Indian Penal Code (IPC), 1860, for cheating and defrauding investors through a website called BTCFUND.in. The investigation revealed that the accused lured individuals by promising high returns on Bitcoin investments, claiming that the company was backed by foreign nationals and had attracted investments from across India.
According to the ED, Sharma fraudulently amassed substantial sums from unsuspecting investors who participated in his scheme on the BTCFUND.in website. The funds collected from these investments were later funneled into acquiring four immovable properties, with a portion of the ill-gotten gains also deposited into Sharma’s personal bank accounts.
The investigation has uncovered a complex web of financial deceit, with the proceeds of crime being used to acquire valuable assets. The ED’s provisional attachment order marks a significant step in the effort to trace and recover the illicit earnings linked to the scam. As the investigation continues, further actions are expected to be taken against the accused and others involved in the illegal operation.
This development highlights the growing focus of authorities on cracking down on financial fraud, particularly those involving digital currencies like Bitcoin, which have become a new frontier for financial scams in India.
