New Delhi, Jan 13 (UNI) The Enforcement Directorate (ED)’s Nagpur zonal office today stated that it recently conducted search operations at three locations in Maharashtra’s Nagpur district, allegedly linked to Nished Mahadeo Rao Wasnik and his associates, and froze bank balances worth more than Rs. 20 lakh and a private cryptocurrency wallet containing digital assets equivalent to Rs. 43 lakh.
The searches led to the seizure of voluminous incriminating documents, records, and digital devices. Authorities also froze bank balances worth more than Rs. 20 lakh and a private cryptocurrency wallet containing digital assets equivalent to Rs. 43 lakh. Furthermore, several properties, including benami assets worth crores of rupees acquired by the accused, were identified.
The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA) based on an offence registered by Maharashtra Police under various sections of the IPC. The case involves Nished Mahadeo Rao Wasnik and his associates, who allegedly fraudulently collected large sums from the public by promising exorbitantly high returns in a short period through various cryptocurrency investment and trading schemes. The funds were then misappropriated for personal gain.
The ED’s investigation revealed that the syndicate, led by Nished Wasnik, deceitfully promoted and operated an unregistered, illegal online platform called “Ether Trade Asia.” They organized promotional seminars at star-rated hotels in Nagpur and other parts of Maharashtra, spreading misleading information to the public with the intention to defraud. They designed the platform with a fabricated binary commission scheme, offering false promises and inducing gullible investors with offers of high returns on investments in “Ethereum” cryptocurrency. Through schemes under the banner of his firm, M/s Ether Trade Asia, they collected substantial public funds, which were subsequently misappropriated, causing a wrongful loss to investors exceeding Rs. 4.25 crore.
The investigation further disclosed that Wasnik and his associates used the fraudulently obtained money to acquire movable and immovable properties in their own names, as well as in the names of family members and entities under their control. Public funds were also used to purchase cryptocurrency, which was then concealed in personal wallets.
Further investigation into the matter is ongoing.
