In the FIR the CBI has alleged that the accused had conducted transactions of over Rs 350 crore in these schemes, the officials said, adding that agency sleuths in different teams swooped down at locations in Delhi, Jharkhand, Punjab, Madhya Pradesh, Gujarat, Tamil Nadu and Rajasthan.During the searches, the officials said, the raiding teams seized digital virtual assets totalling US$ 38,414 (approximately) in the cryptocurrency wallets of the accused persons, which had been digitally secured for investigation.“The searches resulted in the recovery of cash amounting to Rs 34.2 lakh (approx), along with significant digital evidence, including seven mobile phones, one laptop, one tablet, three hard disks, 10 pen drives, memory cards, SIM cards, ATM/debit cards, email accounts, and several incriminating documents,” the official said.The CBI in its probe has also uncovered multiple bank accounts and Virtual Digital Asset (VDA) wallets with cryptocurrency exchanges, including CoinDCX, WazirX, Zebpay, and BitBns, held by the accused members.According to the FIR, the case has been registered under Indian Penal Code section 120-B (criminal conspiracy), read with Section 420 (cheating) and Section 66D of the Information Technology Act, 2000, because it was part of an ongoing investigation that predated the introduction of three new criminal laws last year, the officials said.In the FIR the CBI said, “It was alleged that accused persons, acting in criminal conspiracy, have been actively floating various ponzi and fraudulent schemes, promising high returns based on cryptocurrency investments. They are also accused of promoting, promising, and disseminating false and deceptive information to entice investors into these unregulated deposit schemes, which operate without requisite approvals from regulatory authorities such as the Reserve Bank of India (RBI).”
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