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OctaFX Case: ED Raids Four Cities, Freezes Assets Worth INR 80 Cr
Inc42
·
1y ago
Medial
The Enforcement Directorate (ED) recently conducted searches in Mumbai, Kolkata, Delhi, and Gurgaon as part of an investigation into a fraud case related to the OctaFx trading platform. The probe was initiated based on an FIR filed in Pune, which alleges that individuals involved in the platform cheated investors by promising high returns. The investigation revealed that the company and its associated entities in India amassed more than INR 1,000 Cr through fraudulent forex trading activities.
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ED Cracks Down: INR 90 Cr Seized from Crypto Giants
Inc42
·
1y ago
Medial
The Enforcement Directorate has seized frozen crypto assets worth INR 90 Cr, kept in wallets of Binance, ZebPay and WazirX, in connection with a money laundering case involving online gaming app E-Nugget. The ED alleged that E-Nugget disguised itself as a gaming platform and lured users with promises of lucrative profits.
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ED Mumbai raids uncover Rs 80.43 Cr in illegal OctaFx trading
YourStory
·
1y ago
Medial
The Enforcement Directorate's Mumbai unit has frozen movable properties worth around Rs 80.43 crore (approx. $11 million) during searches conducted as part of an ongoing investigation into illegal online forex trading conducted through the OctaFx trading app and website. The frozen assets include bank funds and Demat account holdings. Documents, digital devices, and incriminating evidence were also seized. The total attachment and freezing in the case has now reached approximately Rs 118 crore (approx. $16 million). The investigation was initiated based on a complaint lodged at a police station in Pune, accusing several individuals of defrauding people through forex trading on the OctaFx platform.
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Major breakthrough in Mahadev Betting App case, owner Ravi Uppal detained in Dubai
Inc42
·
1y ago
Medial
Ravi Uppal, one of the main owners accused in the INR 15,000 crore Mahadev online betting app case, has been detained in Dubai. The enforcement directorate issued a red notice through Interpol. The app, founded by Uppal and Sourabh Chandrakar, allowed users to engage in live gambling. The case gained attention after Chandrakar's lavish wedding in Dubai, alleged to have cost over INR 200 crore. The ED froze assets and proceeds worth INR 417 crore in connection with the scam. The investigation continues, with allegations of payments made to the Chhattisgarh Chief Minister.
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Chhattisgarh agency raids 29 places in Mahadev betting case
Inc42
·
1y ago
Medial
The Chhattisgarh Economic Offence Wing/Anti Corruption Bureau carried out raids at 29 locations across five districts as part of an investigation into the purported Mahadev betting app case. Earlier in March, the EOW/ACB initiated a case regarding the suspected Mahadev online betting case, prompted by a report submitted by the Enforcement Directorate (ED).
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ED seizes cryptocurrency worth Rs 1,646 Cr in mega money laundering probe
YourStory
·
5m ago
Medial
The Enforcement Directorate (ED) conducted its largest cryptocurrency seizure, worth Rs 1,646 crore, in a money laundering probe involving a fraudulent investment scheme called the BitConnect lending program. The investigation revealed deceptive practices promising high returns to investors while funds were allegedly misappropriated. Authorities utilized technological expertise to track and seize assets from numerous crypto wallets and digital devices. The main accused is also under investigation by US federal authorities, and the case continues.
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Betting app Fiewin in ED crosshairs; attaches assets including cryptocurrency in Binance
Economic Times
·
10m ago
Medial
The Enforcement Directorate (ED) has seized assets, including cryptocurrency in Binance wallets, as part of an investigation into illegal online applications connected to Chinese nationals. Indian accomplices assisted Chinese nationals in running the illegal betting/gaming app called Fiewin, which promised easy money. The app generated around Rs 400 crore ($53 million) through simple luck-based games before the funds were funneled into Binance wallets owned by Chinese nationals. The ED has attached assets worth Rs 25.78 crore ($3.4 million), including cryptocurrency worth Rs 24.9 crore ($3.3 million) belonging to the Chinese nationals. Several Chinese nationals have been identified in connection with the case.
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EaseMyTrip co-founder Nishant Pitti under ED scanner in Mahadev App case
Entrackr
·
3m ago
Medial
The Enforcement Directorate (ED) on Wednesday carried out searches in multiple states as part of its probe into the Mahadev online betting app case, news agency PTI reported. The raids included the premises of EaseMyTrip founder and chairman Nishant Pitti. Citing unnamed officials, the report added that the searches were held in Delhi, Mumbai, Chandigarh, Ahmedabad, Indore, Jaipur, Chennai, and Sambalpur. The ED is investigating alleged money laundering linked to the Mahadev app, which is said to have been used for illegal betting activities. The Mahadev app is reported to have provided platforms for creating user accounts, enrolling new users, and handling funds through fake bank accounts. The ED has earlier claimed that the app’s promoters, Sourabh Chandrakar and Ravi Uppal, are from Chhattisgarh. The agency has also said that many senior politicians and government officers from Chhattisgarh may be involved in the operation and money transfers connected to the app. This is not the first time the ED has conducted raids in this case. Earlier searches were also held at various locations as part of the ongoing investigation.
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Govt issues orders to ban 22 illegal betting apps
Economic Times
·
1y ago
Medial
The Indian government has banned 22 illegal betting and gambling apps and websites, including the controversial app Mahadev Book Online. The Ministry of Electronics and Information Technology (MeitY) issued the order to block these apps and websites following investigations conducted by the Enforcement Directorate (ED) against Mahadev Book's unlawful operations. The ED had seized assets worth INR 417 crore in connection with the app in September and alleged that it made INR 450 crore per month by offering illegal bets through various online applications.
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ED Raids Offices Of Amazon, Flipkart Sellers
Inc42
·
9m ago
Medial
The Enforcement Directorate (ED) conducted raids on the offices of certain sellers registered with e-commerce giants Amazon and Flipkart. The searches were part of an investigation into suspected Foreign Exchange Management Act (FEMA) violations. The targeted sellers were located in cities such as New Delhi, Mumbai, Gurugram, Hyderabad, and Bengaluru.
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ED seizes Rs 90 crore funds kept in Binance, ZebPay, WazirX wallets
Economic Times
·
1y ago
Medial
The Enforcement Directorate has seized funds worth Rs 90 crore from cryptocurrency wallets linked to exchanges like Binance, ZebPay, and WazirX. The investigation is part of a money laundering case related to an online gaming app scam. The app, called 'E-Nugget,' promised high returns on investments but turned out to be a fraudulent scheme. The ED froze funds totaling nearly Rs 90 crore from 70 accounts held with these exchanges. So far, a total of Rs 163 crore worth of assets have been seized or frozen in the case.
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