ED Attaches Properties Worth Rs 10.86 Crore in Chandigarh Land Fraud Case
The Enforcement Directorate's Chandigarh zonal office has taken strong action in a major land fraud case. On Wednesday, the agency provisionally attached movable and immovable properties valued at Rs 10.86 crore. This move comes under the Prevention of Money Laundering Act of 2002.
Details of the Attachment
The attached assets include an apartment and land worth Rs 6.06 crore. Additionally, the ED seized cryptocurrency as part of this operation. An official from the agency confirmed that the cryptocurrency, valued at Rs 4.79 crore, was held in crypto wallets in the form of Ramifi tokens.
Background of the Case
The ED's investigation stems from a First Information Report filed by the Haryana Police. This FIR names Sandeep Yadav, Manoj Yadav, and others as accused. According to the probe, Sandeep Yadav collaborated with Manoj Yadav and Mohan Sharma to deceive members of the public.
These individuals allegedly cheated around twenty people through fraudulent plot sales. They also lured investors with promises of unusually high returns from cryptocurrency investments. The total proceeds of crime generated through these activities amount to approximately Rs 26.54 crore.
Modus Operandi of the Accused
The accused persons used several methods to carry out their fraud. They induced victims through fraudulent property sale and purchase transactions. False assurances of high returns on cryptocurrency investments played a key role in their scheme.
Once they received money from victims, the accused siphoned it off through third-party bank accounts. Most of these transactions involved cash payments and withdrawals. The ED official noted that the cheated amounts were largely handled in cash.
Previous Actions and Investigation Findings
Further investigation revealed that Sandeep Yadav and his associates are habitual offenders. Multiple FIRs have been registered against them in the past. Their pattern involved making false promises related to plot sales and investment returns.
Earlier searches conducted at ten locations had already yielded significant results. During those operations, authorities recovered cryptocurrency worth Rs 17 crore. They also found Rs 46 lakh in various bank accounts linked to the accused. These accounts were subsequently frozen under PMLA provisions.
The ED continues its investigation into this complex case of financial fraud and money laundering.
