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.
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.