Sandeep Yadav land fraud case: ED attaches properties worth Rs 10.86 cr

Chandigarh: The Directorate of Enforcement (ED), Chandigarh zonal office, on Wednesday claimed to have 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 involving Sandeep Yadav and others.The ED probe led to the attachment of an apartment and land worth Rs 6.06 crore, besides the seizure of cryptocurrency.
The cryptocurrency worth Rs 4.79 crore was lying in the crypto wallets in the form of Ramifi tokens, said an ED official.The ED investigation into the case is based on an FIR registered by the Haryana Police against Sandeep Yadav, Manoj Yadav, and others.Investigations revealed that Sandeep, along with Manoj Yadav and Mohan Sharma, acted in connivance with close associates to cheat members of the public and generated proceeds of crime, which was invested in movable and immovable assets and in cryptocurrency.During a detailed financial investigation, it was found that Sandeep Yadav and his associates allegedly cheated around 20 people by fraudulently selling plots and by luring the investors with promises of unusually high returns through cryptocurrency investments and generated proceeds of crime to the tune of Rs 26.54 crore (approximately), said the ED official. Several individuals were cheated by the accused persons through inducement via fraudulent sale and purchase transactions of properties and false assurances of high returns on cryptocurrency investments. The cheated amount was siphoned off through third-party bank accounts, which was subsequently withdrawn in cash. Most of the amounts were received and paid in cash, the official added.Further investigation revealed that Sandeep Yadav and his associates were habitual offenders, with multiple FIRs registered against them. They cheated people by making false promises related to the sale of plots and high returns on investments.Earlier, searches conducted at 10 locations had led to the recovery of cryptocurrency worth Rs 17 crore and Rs 46 lakh in various bank accounts linked to Sandeep Yadav and his associates. These accounts were subsequently frozen under the PMLA provisions.MSID:: 126528226 413 |