Rs 52 Cr crypto scam: Hyderabad PMLA court grants custody of Ashish Malik to ED
By Coreena Suares Published on 13 Sep 2022 6:16 AM GMT
Hyderabad PMLA Special Court has granted custody of Ashish Malik to Enforcement Directorate in Rs 52 crore crypto scam. Later Ashish Malik was taken into ED custody from the Tihar Jail, New Delhi, where he was lodged pursuant to his arrest by Economic Offence Wing (EOW), Delhi
Ashish Malik was arrested by the Economic Offence Wing (EOW), New Delhi on May 30, 2022, for duping more than 1,000 people on the pretext of investing in a Russian oil company `Roseneft Oil'.
The accused along with his accomplices Sunil Singh and Sandeep Kaushik promised people a 20% per month return on the pretext of investing in Roseneft Hedge Fund and also launched two crypto coins named 'RHFCOIN' and 'RHFGOLD'.
In this manner, they collected crores of funds from people all across India and laundered the same by investing the same in cryptocurrencies, largely Bitcoin. Subsequently, the accused and his accomplices siphoned off the funds thus collected. Proceeds of Crime (POC) in the subject matter is Rs. 52 Crore. However further investigations are on to unearth the actual amount of POC.
