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Welcome hivers this is a serious matter but first read my previous article because I have shared lots of good information there. Jaspreet Singh Bagga who is the scammer handled money totaling almost Rs 250 crore which is 28866450 USD and you can see this is a big amount. The money was collected and placed in his Kirti Nagar home before being transferred overseas via hawala routes. If you want to know the hawala route then you can see more information on Google.
Jaspreet Singh Bagga was taken into custody by the Enforcement Directorate in connection with the Birfa IT case, which is a money laundering case and also scammed with the investors. Manideep Mago, Tushar Dang, Mayank Dang, and Sanjay Sethi were previously also taken into custody in connection with this investigation. After being brought before the Special Court (PMLA), Dwarka, Jaspreet Singh Bagga was placed under one day's ED custody.
The ED discovered that Birfa IT traded cryptocurrency assets from an Indian cryptocurrency exchange for Rs 1858 crore while looking into its financial dealings. but didn't purchase any cryptocurrency in India. This transaction was found to be a component of the worldwide hawala route after an inquiry. In this instance, proof of unlawful foreign payments made by Manideep Mago using fabricated and fraudulent documents was discovered during raids carried out in accordance with the Foreign Exchange Management Act (FEMA).
Scam involving Rs 4817 crore using fictitious invoices
According to an ED investigation, the gang under-invoiced imports from China and Hong Kong and made foreign payments totaling Rs 4817 crore. False invoices served as the foundation for these payments. Jaspreet Singh Bagga, who works in the optical industry, is close to Mayank Dang and Sanjay Sethi. His optical showroom served as the primary location for the collection of illicit funds from importers.
250 crore rupees in cash transactions
Jaspreet Singh Bagga handled around Rs 250 crore in cash for Sanjay Sethi and Manideep Mago. After being gathered and placed at his Kirti Nagar home, the money was then transferred overseas via hawala means. After being moved between several bank accounts, the funds were ultimately routed to Chinese exporters via fictitious invoices. Other individuals connected to the hawala transactions are also being sought as part of the continuing ED probe.
Lots of scams are happening in crypto so we have to be careful this is another big scam in India which is not good and it is having a negative impact on the people and regulators. As crypto community members it is our responsibility to be careful and also guide others so that we can decrease these scams. slowly this will happen and it will be beneficial in the end. Anyway, that's all for the day Thanks for being here and now Faiz is signing off have a nice day and take care hivers.....
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