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TMI BlogED vows to crackdown against crypto after raids in remote Haryana locationsX X X X Extracts X X X X X X X X Extracts X X X X ..... ED vows to crackdown against crypto after raids in remote Haryana locations X X X X Extracts X X X X X X X X Extracts X X X X ..... yana. The federal probe agency searched around six locations in the state on February 24 in the case against a Hisar-based man, Mahesh Kumar, apart from his three "accomplices" who hailed from Bhiwani in Haryana. "All these, in connivance with each other, lured several investors for investment into crypto currency promising exorbitant returns and duped them crores of rupees," the ED said in a st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atement. The money laundering case, filed under sections of the Prevention of Money Laundering Act (PMLA), stems from an FIR of the Haryana Police related to an alleged crypto currency investment scam, it said. The ED said this cryptocurrency "racket" was being operated from "mundane" and "remote" locations in Haryana to "dodge" law enforcement agencies. "Multiple cryptocurrency wallets were op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erated by mastermind Mahesh Kumar in active association with other co-accomplices," it added. The statement said that the Kumar and his accomplices have orchestrated the scam with an ill motive of generating funds by cheating individuals and promising them high returns for investment in crypto currency. Kumar and his team not only generated "proceeds of crime" but also "layered" them by investin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g into cryptocurrency wallets through "decentralised exchanges." Cryptocurrency worth Rs 17.20 kept in multiple wallets have been seized and this is "owned and managed" by Kumar and his associates, it said. "This discovery highlights the fast-expanding reach of crypto currency activities, posing new challenges for regulator and law enforcement agencies. ED is committed to increasing efforts to m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onitor and address both legal and illicit crypto currency operations, regardless of location," it said. The agency also said it seized "several" mobile phones that were used to access crypto currency wallets through multiple apps installed on these phones. The phones have been sent for forensic examination, it said. India is formulating a framework for crypto currencies, but until it is enacted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , crypto is not yet illegal. Gains made out of crypto currency transactions are taxed at a flat rate of 30 per cent since 2022.
The Reserve Bank of India (RBI) too has been sceptical about the use of private crypto assets and considers it a major threat to macro-economic and financial stability of the country.PTI NES OZ OZ X X X X Extracts X X X X X X X X Extracts X X X X
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