While researching, ED comes across a Rs 9 crore crypto wallet | India News

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MUMBAI: An operation by the Directorate of Law Enforcement (ED) has led officials to a cryptocurrency worth Rs 9 crore in a wallet, but they are unsure if they can get the money back money. The wallet is controlled by Dubai-based entrepreneur-investor Vinod Khute, who allows its operation only three times a month when the wallet owner can sell crypto on the provided platform and can have money transferred on his account. The amount was found in one of the ED wallets traced during a search of a suspect’s premises in Pune, along with his access code. Sources said that Khute attracted investors to invest in cryptocurrency after offering attractive interest rates. ED suspects that Khute intends to launch his own cryptocurrency and many investors are plagued. ) case of violation. ED alleged that Khute controlled the VIPS group of companies engaged in illegal exchanges, crypto exchanges and wallet services, and that the profits were diverted through hawala channels to various foreign countries. ED will write to the police of Pune to investigate the group for fraudulent activities. and for registering an FIR against them. ED will also write to RBI to take necessary action against Dhanashree. The ED can only investigate a money laundering case under the PMLA if there is a police FIR against the suspect. ED recently searched the premises of Khutes associates in Maharashtra for Fema violation and seized and froze assets (cash and bank balance) worth around Rs 18.5 crore. But a later review revealed that it is not accessible at any random time, but on specific days of the month when the owner is allowed to make a transaction. ED alerted the bank stating that all money entering the account is connected to the crypto wallet. ED believes Khute is unlikely to allow the wallets to operate and the agency is seeking technical assistance to ensure he does not empty the wallet.

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