Now Reading: ED pegs Karnataka Bitcoin scam proceeds at Rs 288 crore
-
01
ED pegs Karnataka Bitcoin scam proceeds at Rs 288 crore
The Enforcement Directorate has quantified the total proceeds of crime in the Karnataka Bitcoin scam at Rs 288.96 crore, revealing the scale of the alleged fraud. The agency said it unearthed sophisticated…
The Enforcement Directorate has quantified the total proceeds of crime in the Karnataka Bitcoin scam at Rs 288.96 crore, revealing the scale of the alleged fraud. The agency said it unearthed sophisticated money-laundering methods used by the accused to generate and hide the illegal proceeds.
The ED's latest estimate comes as part of its ongoing investigation into the case, which involves the alleged use of Bitcoin and other cryptocurrencies to launder money. The probe has expanded to trace the flow of funds and identify all beneficiaries of the scam.
Indian Opinion Analysis
The Rs 288.96 crore figure is a significant jump from earlier informal estimates in the case. The ED's attachment of assets under the Prevention of Money Laundering Act will now target properties and digital holdings traceable to this sum. The next legal step is the confirmation of the attachment by the adjudicating authority, followed by a possible trial before the PMLA special court in Bengaluru, where the accused face charges of cheating, forgery, and money laundering.
Source: deccanherald.com
This brief was synthesised by AI from the source linked above.
