India Freezes Assets Connected to Individual Imprisoned in US for $20M Crypto Fraud

Indian authorities have seized assets allegedly belonging to a man currently serving a prison sentence in the United States for his involvement in a $20 million cryptocurrency fraud scheme. The frozen assets include bank accounts and properties suspected of being directly or indirectly linked to funds acquired through illicit activities. This action is intended to recover illegally obtained funds and strengthen the nation’s anti-money laundering efforts. The move comes as India intensifies its scrutiny of cryptocurrency transactions, aiming to safeguard investors and prevent the use of cryptocurrencies for unlawful purposes. A thorough investigation is underway to determine the extent of the accused’s involvement and associated entities in the fraud scheme and how funds were transferred to India. Indian authorities are collaborating with their counterparts in the United States to gather evidence and share information to ensure a comprehensive and fair inquiry.