India's Enforcement Directorate carried out search operations at three locations in Nagpur, Maharashtra on January 7. The actions were taken under the Prevention of Money Laundering Act, 2002.
The agency targeted premises connected to Nished Mahadeo Rao Wasnik and his associates. According to investigators, Wasnik headed a group that allegedly operated an unauthorized online platform called "Ether Trade Asia."
The group reportedly organized promotional seminars at premium hotels in Nagpur and other parts of Maharashtra. During these events, organizers presented misleading claims about investment opportunities. The ED stated the aim was to defraud investors.
"They designed and promoted the Ether Trade Asia platform by fabricating a fraudulent binary commission scheme with false promises and induced gullible investors by offering them exorbitantly high returns on investments purportedly made in 'Ethereum' cryptocurrency through various scheme floated under the banner of his firm M/s Ether Trade Asia and thereby collected huge amounts from the public," the press release stated.
Authorities estimate investor losses exceed Rs. 4.25 crore, approximately $472,000. The group allegedly used raised funds for personal purposes.
The investigation found the accused used proceeds to acquire movable and immovable properties. These were held directly by them or through family members and controlled entities.
Wasnik and associates also used part of the funds to purchase cryptocurrencies, which they concealed in personal wallets. The search operation resulted in seizure of incriminating documents and digital devices.
Authorities froze bank balances worth more than Rs. 20 lakh, about $22,000. They also froze a personal wallet holding digital assets valued at approximately Rs. 43 lakh, around $51,000.
Several properties were identified, including benami properties worth several crores of rupees allegedly purchased by the accused individuals.
In a separate land fraud case in Chandigarh, the ED has frozen cryptocurrencies worth Rs. 4.79 crore, around $530,000. Both investigations continue.