ED Seizes Crypto and Cash, Freezes 31 Accounts in Ahmedabad Call Centre Laundering Probe

Investigators say US victims were coerced into buying gift cards that were converted into Bitcoin through platforms such as Paxful.

Overview

ED Hyderabad searched six premises in Ahmedabad on February 4 under the Prevention of Money Laundering Act.
Officials seized cryptocurrency worth about $12,000 from accused Akib Ghanchi and transferred it to the agency’s crypto wallet, alongside ₹13.5 lakh in unaccounted cash.
Thirty-one bank accounts and one locker linked to the accused and their entities were frozen, and investigators recovered incriminating documents and digital devices.
According to the ED, the proceeds were taken largely via Amazon gift cards and moved into cryptocurrency, including Bitcoin, with help from foreign facilitators using platforms such as Paxful.
The case stems from FIRs by Cyberabad Police and the CBI IOD, and the agency says the cartel operated for a considerable period and remains active as further investigation continues.