India’s financial crime watchdog has intensified its crackdown on crypto-linked fraud after freezing assets worth approximately $1.3 million, including digital tokens, in connection with a larger $3.2 million investment scam, according to an official statement released on January 13, 2026.
The Enforcement Directorate (ED), through its Chandigarh Zonal Office, confirmed that it has provisionally attached movable and immovable assets under the Prevention of Money Laundering Act (PMLA), 2002, following a land and cryptocurrency fraud investigation involving Sandeep Yadav and his associates.
“The Directorate of Enforcement (ED), Chandigarh Zonal Office has provisionally attached movable and immovable properties worth Rs. 10.86 Crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in a land fraud case.”
Crypto Assets and Property Seized
The attached assets include residential flats and land valued at roughly $730,000, alongside cryptocurrency holdings worth about $580,000. Investigators disclosed that the seized digital assets were primarily held in the form of Ramifi tokens, stored across multiple crypto wallets linked to the accused.
“The investigation leads to attachment of Flat & land worth Rs. 6.06 Crore and cryptocurrencies lying in the crypto wallets in the shape of Ramifi Tokens worth Rs. 4.79 Crore.”
The case stems from a First Information Report (FIR) filed by the Haryana Police, alleging that the accused orchestrated a coordinated scheme combining fraudulent land sales with promises of unusually high crypto investment returns.
How the Alleged Scheme Operated
According to ED findings, Sandeep Yadav, along with Manoj Yadav and Mohan Sharma, allegedly targeted members of the public by selling plots fraudulently and enticing victims with claims of guaranteed profits from cryptocurrency investments. Investigators estimate that around 20 individuals were affected.
“During a detailed financial investigation, it was found that Sandeep Yadav and his associates allegedly cheated around 20 people… by luring investors with promises of unusually high returns through cryptocurrency investments.”
The total proceeds of crime generated from the scheme were assessed at Rs. 26.54 crore, equivalent to roughly $3.2 million. Authorities stated that funds were routed through third-party bank accounts, withdrawn largely in cash, and later deployed into property purchases and crypto assets to obscure their origin.
Pattern of Repeat Offenses
Further scrutiny revealed that the accused are not first-time offenders. The ED disclosed that multiple FIRs have been registered against the group in similar cases involving false promises tied to land sales and high-return investment schemes.
Earlier searches conducted at 10 locations reportedly led to the recovery of additional cryptocurrencies worth $2 million and cash balances of approximately $55,000, which were subsequently frozen under the PMLA framework.
“Further investigation has revealed that Sandeep Yadav and his associates are habitual offenders, with multiple FIRs registered against them.”
Broader Implications
The case underscores India’s growing focus on crypto-related financial crimes, particularly schemes blending traditional asset fraud with digital tokens. While cryptocurrency itself remains under regulatory scrutiny, enforcement agencies have increasingly demonstrated their ability to trace, freeze, and seize digital assets linked to alleged criminal activity.
The Enforcement Directorate confirmed that further investigation is ongoing, signaling the possibility of additional attachments or prosecutions as authorities continue to follow the money trail.
