ED Seizes $900,000 in Assets from India-Based Bitcoin Scam

India's Enforcement Directorate (ED) has seized assets worth nearly $900,000 from Hemant Ishwar Sharma, the mastermind behind a Bitcoin investment scam that ran between 2014-2018. The website, BTCFUND.IS, was registered in Iceland and defrauded Indian investors of around ₹200 crore (~856 BTC).

According to sources, Sharma lured investors with false promises of high returns on their Bitcoin investments. He also claimed that foreign nationals were associated with the platform to project legitimacy.

The scam came to an end when Sharma abruptly shut down the website after collecting substantial funds from investors. The ED has since attached assets worth ₹8.54 crore, including real estate and luxury properties.