ED Freezes ₹42.8 Crore in Assets Linked to Indian Sentenced in U.S. Crypto Scam

The Enforcement Directorate (ED) has seized ₹42.8 crore linked to Chirag Tomar in a major cryptocurrency scam allegedly run by a company named Xangle Trading Hub Pvt Ltd, registered in Delhi but operating across India.

According to an ED statement issued on Friday, the case is linked to an FIR registered in 2023 by the Cyber Crime Police, Hyderabad (FIR No. 87/2023) under IPC Sections 420 (cheating) and 406 (criminal breach of trust), along with provisions of the Prevention of Money Laundering Act (PMLA).

The other accused, identified as Rohit Verma, Sanjay Sethi, and Naveen Kumar, are alleged to have lured over 2,000 investors into a fake crypto trading platform by promising “guaranteed monthly returns” of 15–20%. Instead, the funds were allegedly diverted to shell companies and converted into cryptocurrency, which was then moved to foreign exchanges, primarily in Singapore and Dubai.

Raids were carried out at 12 locations, including Delhi’s Karol Bagh, Mumbai’s Andheri, and Hyderabad’s Banjara Hills. ED officials seized ₹18.2 crore from domestic bank accounts, ₹10.6 crore in cryptocurrency wallets, ₹8 crore in foreign bank accounts, and assets worth ₹6 crore in gold and luxury cars.

“Preliminary analysis of digital evidence indicates cross-border money laundering and links to Chinese and Singapore-based entities,” said an ED spokesperson.

The accused are currently in judicial custody. The investigation is ongoing, and more arrests are expected.