Man duped thousands with fake investment in Russian oil firm, crypto, arrested by ED
India Today
Ashish and his associates would organise seminars at five-star hotels and promise investors high returns in exchange for their investments, sources told India Today TV.
A man has been arrested by the Hyderabad unit of the Enforcement Directorate (ED) for allegedly duping over a thousand people on the pretext of making investments in a Russian oil company, Roseneft, and cryptocurrency, officials said.
Ashish Malik, earlier arrested by the Delhi Police’s Economic Offence Wing (EOW) on May 30, 2022, was taken into custody by the ED from the infamous Tihar Jail. 36-year-old Ashish Malik is a resident of Kakrola and has an MBA degree from a college in Rohtak.
Ashish and his associates - Sunil Singh and Sandeep Kaushik - would organise seminars at five-star hotels and promise investors high returns in exchange for their investments, sources told India Today TV. The financial probe agency has alleged that the three promised people 20% return per month from investment in Roseneft Hedge Fund and also launched two crypto coins - ‘RHFCOIN’ and ‘RHFGOLD’.
Sunil Singh and Sandeep Kaushik are believed to have fled from India to avoid arrest in the case.
“They collected crores from people across India and laundered the same by investing in cryptocurrencies, largely bitcoin. Subsequently, the accused and his accomplices siphoned off the funds they had collected. The proceeds of the crime are Rs 52 crore. However, further investigations are on to unearth the actual amount,” the ED said in a statement.
A Hyderabad court has granted Ashish Malik’s custody to the ED.
Also Read: | ED seizes Rs 100 crore in 3 months. What happens to the cash now?
