ED locks 1,646cr assets in crypto scam, accused faces 70 years' jail

AHMEDABAD: In one of the largest seizures of cryptocurrency in the country, Enforcement Directorate (ED) has frozen Rs 1,646 crore worth of such assets as part of a probe into a larger $2.4 billion (Rs 22,500 crore)

BitConnect scam

. Prime accused Satish Kumbhani was indicted in the US in 2022 and faces 70 years in prison in the case that dates back seven to nine years.
ED's Ahmedabad zonal office said apart from seizures under Prevention of

Money Laundering

Act (

PMLA

), Rs 13.5 lakh in cash and a luxury car along with digital devices were seized. ED had earlier attached movable and immovable properties worth Rs 489 crore in the case.