ED’s Raids Unveils Highrich Online’s Massive Money Laundering Scheme: Rs. 32 Crore Frozen, Crypto Currency Shenanigans Exposed

(Judicial Quest News Network)

 Delhi June 14: On June 11, 2024, the ED’s Kochi Zonal Office carried out search operations at 14 locations across Kerala, Maharashtra, and Chattisgarh. These operations were conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, targeting the premises of HighRich Online group promoters and leaders.

The search yielded significant findings:

• Approximately ₹32 Crore in proceeds of crime was frozen across various bank accounts linked to the company, its promoters, and their family members.
• Cash, jewelry, and four-wheel vehicles worth around ₹70 Lakh were seized.
• Immovable properties valued at ₹15 Crore, acquired from the proceeds of crime, were traced back to the promoters and leaders.
• The investigation revealed that HighRich Online was engaged in trading cryptocurrency on select exchanges. They also created their own crypto coin called “HR Crypto Coin,” which was exchanged for INR and USDT.
• The HR Crypto Coins were part of a Ponzi scheme, enticing investors with promises of 15% annual interest. Additionally, introducing new customers earned a 30% Direct Referral Income.
• The ED initiated the investigation based on FIRs filed by the Kerala Police under Section 420 of the Indian Penal Code (IPC) and multiple complaints against HighRich Groups and its directors.
• HighRich Online sold memberships in the form of digital IDs, granting access to their website (www.highrich.net). Members then resold these digital IDs to others, earning commissions. Incentives were given for referring new members.

Further investigation is on