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– Photo: ANI
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The Enforcement Directorate (ED) has arrested a Delhi man on charges of money laundering. The accused, Manideep Mago, is accused of selling cryptocurrencies worth more than Rs 1,800 crore.
The investigating agency produced Mago before a special court in Delhi on Tuesday, where the court remanded him to ED custody till June 23. The ED said it had initially registered a case against the company under the Foreign Exchange Management Act (FEMA) and conducted searches at its premises.
The Delhi-based company sold cryptocurrencies worth more than Rs 1,858 crore on crypto exchanges. Preliminary investigations found that the company and its related entities sent about Rs 3,500 crore abroad through hawala. The ED alleged that cash worth more than Rs 1,300 crore was also deposited in the bank accounts of the related entities.