India's Enforcement Directorate (ED) has provisionally attached assets worth approximately $1.3 million, including cryptocurrencies, as part of a broader $3.2 million land and investment fraud investigation. The action was carried out by the ED's Chandigarh Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002, targeting assets linked to accused individuals Sandeep Yadav and his associates.
The frozen assets include real estate valued at roughly $730,000 and cryptocurrencies worth about $580,000, specifically identified as Ramifi tokens held across multiple digital wallets. The investigation was initiated following a First Information Report (FIR) filed by Haryana Police, alleging the accused conspired to defraud the public by selling land plots under false pretenses and promoting cryptocurrency investments with promises of unusually high returns.
Approximately 20 individuals were reportedly cheated, with total proceeds of crime estimated at $3.2 million. Investigators found that a significant portion of the illicit funds was routed through third-party bank accounts, withdrawn in cash, and later converted into physical assets and cryptocurrencies to obscure their origin.
The probe also revealed the accused are habitual offenders, with multiple FIRs registered against them. Earlier searches at ten locations led to the recovery of additional cryptocurrencies worth about $2 million and cash balances of roughly $550,000 across linked bank accounts, which were also frozen under PMLA provisions.
The Enforcement Directorate confirmed the investigation remains ongoing, with further financial tracing and asset identification underway. Officials emphasized that the case highlights the growing use of digital assets in financial crime and the agency's expanding focus on tracking and freezing crypto-linked proceeds under India's anti-money laundering framework.
