India’s Enforcement Directorate (ED) has chosen CoinDCX to supervise the administration of seized digital property, in line with an announcement shared with Cryptonews. The transfer follows elevated efforts to fight cryptocurrency-related monetary crimes. Latest high-profile instances embrace the GainBitcoin and BitConnect scams.
As a part of the collaboration, CoinDCX will present a safe custody infrastructure to retailer and handle confiscated property, the change mentioned. Additional, the change will implement safety protocols to make sure asset safety.
“To make sure the best stage of safety for seized property, we’ve deployed a specialised staff armed with superior safety protocols,” mentioned CoinDCX co-founder Sumit Gupta.
CBI and ED Seize Almost $200M in Main Cryptocurrency Fraud Instances
Authorities have ramped up enforcement following large-scale cryptocurrency fraud instances. Within the GainBitcoin case, the Central Bureau of Investigation (CBI) carried out searches throughout a number of cities. The investigation centered on an alleged multi-crore rip-off tied to a Bitcoin-based multi-level advertising and marketing scheme.
Throughout these raids, the company seized cryptocurrencies value ₹23.94 crore (about $2.88m), together with paperwork and digital gadgets which are at present being analyzed for proof of economic misappropriation and cross-border transactions.
Equally, within the BitConnect rip-off, the ED seized digital property value ₹1,646 crore (about $198m) final month. The rip-off defrauded buyers worldwide. Consequently, authorities raided a number of places throughout Gujarat. They confiscated ₹13.50 lakh (round $16,250) in money, an SUV and a number of other digital gadgets.
Following a two-day search of over 60 places in India's main cities, the police confiscated $2.75 million value of #crypto in connection to the #GainBitcoin rip-off.#CryptoScam #Indiahttps://t.co/3cGVdjqFdR
— Cryptonews.com (@cryptonews) February 26, 2025
Tighter Crypto Rules Intention to Defend Buyers from Fraudulent Schemes
“CoinDCX has been cooperative and assisted within the seizure course of, offering useful help within the investigation led by the Enforcement Directorate (ED). The corporate has labored carefully with the directorate, guaranteeing compliance with all authorized necessities and facilitating the opening of the custodian account on pressing foundation,” mentioned Parneet Kumar, Assistant Director on the ED.
By leveraging safe custody options, authorities purpose to take care of transparency and integrity within the dealing with of confiscated funds whereas persevering with their crackdown on fraudulent schemes.
With cryptocurrency adoption rising in India, regulatory our bodies are doubling down on enforcement measures to guard buyers and curb unlawful monetary actions.
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