ED Arrests Delhi Trader Over Rs 1,858 Crore Crypto Asset Sales

New Delhi: The Enforcement Directorate arrested a Delhi-based trader, J S Bagga on Friday after it was discovered that his syndicate, with the help of his shop in Kirti Nagar, had collected over 4,800 crores in cash. The money was then remitted for payments to Chinese dealers and manufacturers in Hong Kong.

This arrest was made after the ED received intelligence on an unknown company called Birfa IT which had encashed Rs. 1, 858 crore after selling a large amount of crypto assets from an Indian crypto exchange.

The ED had previous arrested Bagga's accomplices identified as Mandeep Mago, Sanjay Sethi, Mayank Dang and Tushar Dang. Bagga is currently in the custody of the ED for a day for further interrogation.

It is to be noted that during the investigation it was revealed that Birfa IT had not made any purchase of crypto assets in India. As investigation progressed, it was discovered that fake and forged documents were used by Mandeep Mago to make illegal foreign remittances. A money laundering case was launched by the ED under PMLA following a FIR registered by the crime branch of the Delhi Police.

Bagga's shop served as the hub in which unaccounted cash was collected and was later remitted abroad illegally by Mandeep Mago and Sanjay Sethi with the help of forged invoice which was layered through multiple bank accounts .

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