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ED seizes Rs 6.47 crore worth of assets, including cryptocurrencies, in China-linked employment fraud

goodwordnews14/09/2023
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The Enforcement Directorate (ED) on Thursday (September 14) seized movable assets worth Rs 6.47 Crore, which includes a substantial amount of Rs. 71.3 lakh in the form of cryptocurrency, in a case of part-time employment fraud linked to China. This enforcement measure falls under the Prevention of Money Laundering Act, 2002 (PMLA).

The ED launched its probe following an FIR lodged by the CEN South police station in Bengaluru city, which exposed a network of deceptions and frauds perpetrated against gullible Indian youth.

According to ED’s findings, some Chinese operating through a mobile app called ‘Keepsharer’ lured young Indians with promises of part-time job opportunities. They collected money from these unsuspecting individuals and then set up businesses in India, recruiting Indians as managers, translators, human resources managers and telephone operators. The “Keepsharer” app, which was linked to an investment platform, misled young people into investing money.

The fraudulent scheme involved tricking victims into liking celebrity videos and sharing them on social media platforms. Once the task is completed, Rs. 20 per video would be credited to their “Keepsharer” wallets. However, the app was later removed from the Play Store, leaving victims empty-handed.

Attached assets totaling Rs. 6.47 Crore are associated with six companies: Toningworld International Private Limited, Ansol Technology Private Limited, Redraccoon Services India Private Limited, Energico Digital Private Limited, Bridge Tera Technologies Private Limited, Ashenfallous Technologies Private Limited and nine individuals .

It was revealed that the scammers funneled the ill-gotten gains of these entities through bank accounts and then converted them into cryptocurrency before transferring the funds to Chinese cryptocurrency exchanges.

In an earlier operation, the ED had conducted searches of 12 entities involved in the case, leading to seizure of Rs. 5.85 Crore under Section 17 of the Prevention of Money Laundering Act silver.


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goodwordnews14/09/2023
159
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