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Indian Finance Ministry States Enforcement Directorate Seizes Assets Worth Approximately 41.9 Billion Rupees in Crypto Cases, Suspect Identified as Economic Offender
Summary: According to reports, the Indian Finance Ministry stated in a written reply to parliament that the Enforcement Directorate (ED) has seized, frozen, or confiscated assets totaling approximately 418.989 billion rupees in multiple crypto-related cases under the anti-money laundering law. They have arrested 29 individuals, filed 22 charge sheets, and officially identified one suspect as an ...
According to reports, the Indian Finance Ministry stated in a written reply to parliament that the Enforcement Directorate (ED) has seized, frozen, or confiscated assets totaling approximately 418.989 billion rupees in multiple crypto-related cases under the anti-money laundering law. They have arrested 29 individuals, filed 22 charge sheets, and officially identified one suspect as an 'economic offender'.
Meanwhile, the Central Board of Direct Taxes (CBDT) in India, in its search and seizure operations related to Virtual Digital Assets (VDA), uncovered around 88.882 billion rupees of undeclared income. Notices have been sent to 44,057 taxpayers who did not disclose VDA information in their income tax returns. The Finance Ministry stated that crypto assets in India are currently unregulated, and the government is working on capacity building to strengthen monitoring and investigation of VDA transactions. They emphasized that crypto assets have cross-border characteristics, and any effective regulatory framework requires extensive international cooperation in risk assessment and classification standards. (Business Standard)
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Link: Indian Finance Ministry States Enforcement Directorate Seizes Assets Worth Approximately 41.9 Billion Rupees in Crypto Cases, Suspect Identified as Economic Offender [Copy]
