In a major crackdown on a cryptocurrency investment scam, the Enforcement Directorate (ED), Nagpur, has seized and frozen assets worth several lakhs during searches conducted under the Prevention of Money Laundering Act (PMLA) linkd to to crypto scamster Nishid Mahadevrao Wasnik. The action led to the freezing of bank accounts, a secret cryptocurrency wallet holding digital assets worth Rs 43 lakh, and the identification of benami properties worth crores. As per ED findings, Wasnik led a gang that fraudulently promoted and operated an unregistered and illegal online platform named “Ether Trade Asia.” The accused allegedly organised promotional seminars in star-rated hotels in Nagpur and other cities in Maharashtra.

 

During these events, misleading information was shared with the public about fake investment schemes, with the intention of cheating innocent investors. The platform “Ether Trade Asia” was promoted as a high-return cryptocurrency investment opportunity, especially through a scheme linked to a digital token called “Airium.” Large sums of money were collected from the public under the banner of M/s Ether Trade Asia. However, instead of genuine trading or investment, the funds were allegedly diverted for personal use by the accused, causing heavy losses to investors while the accused gained unlawfully. During the operation, the ED seized a huge amount of incriminating documents, records and digital devices.

 

The agency also froze bank balances of more than Rs 20 lakh. In a major development, a secret private cryptocurrency wallet containing digital assets worth about Rs 43 lakh was identified and frozen. The ED further traced several movable and immovable assets, including benami properties worth crores of rupees, allegedly acquired using the money collected from the public. The ED investigation is based on a case registered earlier by the Maharashtra Police. Charges were filed against Nishid Wasnik and his associates under various sections of the Indian Penal Code, 1860. According to the police, the accused lured thousands of people by promising extremely high returns in a short time through cryptocurrency trading and investment schemes. The money collected from investors was later misused for personal gain. The ED further revealed that the money collected from the public was used to buy properties in the names of the accused, their family members and entities controlled by them. Public funds were also used to purchase cryptocurrencies, which were then hidden in private wallets to avoid detection.

 

 

The case has its roots in February 2022, when the Nagpur Crime Branch arrested several accused in the infamous cryptocurrency scam. At that time, police stated that around 2,000 investors were cheated of nearly Rs 40 crore. The kingpin, Nishid Wasnik, along with his wife and close associates, was arrested from Pune. Police had seized cash, luxury cars, weapons, mobile phones and other valuables during the earlier raids. Investigations had revealed that investors’ money was parked in residential plots, agricultural land and other properties located in Nagpur, Chandrapur, Pune and parts of Madhya Pradesh. The ED stated that further investigation is ongoing to trace additional proceeds of crime and to identify more assets linked to the accused.