MUMBAI: The Enforcement Directorate (ED) has carried out raids on the premises of Gaurav Mehta, a Delhi-based businessman, in connection with a large-scale cryptocurrency scam. Mehta is under investigation for allegedly laundering over ₹6,600 crore through Bitcoin and other digital currencies. The case involves international transactions and links to high-profile individuals suspected of aiding the operation.
The raids are part of a broader investigation targeting fraudulent cryptocurrency investment schemes and Ponzi operations. Authorities believe that Mehta played a pivotal role in laundering funds collected from victims who were misled with promises of substantial returns on Bitcoin investments. During the searches, the ED seized several assets, including digital and physical records, and is examining Mehta’s financial dealings to determine the full scope of the scam.
This incident underscores the growing misuse of cryptocurrencies for illegal financial activities in India. The lack of comprehensive regulations in the cryptocurrency sector has made it a convenient tool for money laundering and fraud. The case has reignited discussions about the urgent need for stricter controls and monitoring mechanisms to prevent similar scams.
The investigation is ongoing, and additional revelations are anticipated as officials delve deeper into the network of transactions. The ED’s actions aim to dismantle the infrastructure of this scam and set a precedent for addressing financial crimes involving digital assets.
