Probe Agency Arrests Man For Cheating On Pretext Of Russia Firm Investment


The accused and his accomplices subsequently “siphoned off” the funds, ED mentioned. (Representational)

New Delhi:

The Enforcement Directorate has arrested a person for allegedly laundering multi-crore funds by duping folks within the identify of investments into hedge funds of distinguished Russian oil firm Rosneft.

Ashish Malik was taken into custody by the federal company on September 10 from the Tihar jail the place he was lodged in the identical case being probed by the Delhi Police Economic Offences Wing (EOW). A particular Prevention of Money Laundering Act (PMLA) court docket in Hyderabad authorised the ED to arrest the person, the company mentioned in an announcement issued on Tuesday.

The ED mentioned Malik was arrested by the EOW in May for “duping more than 1,000 people on the pretext of making investments in a Russian oil company named Rosneft.”

“The accused Ashish Malik along with his accomplices Sunil Singh and Sandeep Kaushik promised people 20 per cent return per month on the pretext of making investments in Rosneft Hedge Fund and also launched two crypto coins named ‘RHFCOIN’ and ‘RHFGOLD’,” the ED mentioned.

“They collected crores of funds from people all across India and laundered the same by investing them in cryptocurrencies, largely Bitcoin,” the ED mentioned.

The accused and his accomplices subsequently “siphoned off” the funds. A hedge fund, based on funding portals, is a restricted partnership of personal buyers whose cash is managed by skilled fund managers who deploy numerous methods to earn greater than common returns.

Proceeds of crime, on this case, are estimated to be Rs 52 crore. However, additional investigations are on to unearth the precise quantity, the ED mentioned.

(Except for the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)



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