Indian Government Takes Action Against Highrich Online’s Cryptocurrency Activities

India’s Enforcement Directorate (ED) has uncovered a Ponzi scheme involving cryptocurrency operations by Highrich Online and HR Crypto Coin, resulting in significant asset seizures. 

On June 11, the ED conducted searches across 14 locations in Kerala, Maharashtra, and Chhattisgarh, targeting promoters and leaders of the Highrich Online Group. The investigation revealed that the company traded cryptocurrencies on various exchanges and sold HR Crypto Coin as part of the scheme, promising 15% annual interest and 30% referral income. Triggered by an FIR from the Kerala Police and numerous complaints, the ED discovered the company sold digital ID memberships with no real business backing. 

The raids led to freezing Rs. 32 crore ($3.9 million) in bank accounts and seizing Rs. 70 lakh ($85,365) in cash, jewelry, and vehicles, along with immovable properties worth Rs. 15 crore. Previous searches in January had already uncovered Rs. 212 crore in illicit funds, with the total seized or frozen assets now amounting to Rs. 260 crore.

Clever Robot News Desk 17th June 2024

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