India Targets Crypto-Linked Scam After $1.3M Asset Seizure
- India froze $1.3 million in property and cryptocurrency assets under PMLA rules.
- The fraud operation combined fake land sales with cryptocurrency return promises.
- Authorities traced $3.2 million in crime proceeds across cash, property, and tokens.
India’s financial crime watchdog has frozen assets worth about $1.3 million, including cryptocurrency, as part of a wider $3.2 million investment fraud probe involving land and digital tokens. The Enforcement Directorate, operating through its Chandigarh Zonal Office, confirmed the action on January 13, 2026, under the Prevention of Money Laundering Act.
Officials said the move followed an investigation into a scheme that combined fraudulent land sales with promises of high cryptocurrency returns, affecting roughly 20 investors.
Enforcement Directorate Moves to Secure Assets
The Enforcement Directorate said it 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 about Rs. 6.06 crore, alongside cryptocurrency holdings valued at roughly Rs. 4.79 crore.
In an official statement, the agency said, “The Directorate of Enforcement (ED), Chandigarh Zonal Office has provisionally attached movable and immovable properties worth Rs. 10.86 Crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in a land fraud case.”
Investigators disclosed that the seized digital assets mainly consisted of Ramifi tokens stored across multiple crypto wallets linked to the accused. The agency added, “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 the 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 said victims transferred funds after assurances of unusually high returns from combined property and digital token investments. During the probe, officials estimated that about 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 about $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.
Related: India Tightens Crypto KYC As Nigeria Links Trades To Tax IDs
Ongoing Investigation and Wider Context
The Enforcement Directorate stated that the individuals concerned are habitual criminals and reiterated that the probe is still active. The agency’s intention behind attaching assets is to secure them from being moved or sold off while the court proceedings are under the PMLA law.
The authorities clarified that provisional attachment is a means of preserving the value of the alleged proceeds of crime until an adjudicating body goes through 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 the past few months, the law enforcement agencies have been freezing not only bank accounts but also crypto wallets in similar investigations connected with digital assets. These matters frequently involve the use of cryptocurrency along with conventional asset fraud to hide money trails, thus attracting more attention from investigators.
