Dehradun, August 3, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has provisionally attached assets worth Rs 8.54 crore belonging to Hemant Ishwar Sharma, the alleged mastermind behind a bitcoin investment fraud that is suspected to have duped investors of nearly Rs 200 crore.
According to the ED, the Provisional Attachment Order was issued on July 31 under the Prevention of Money Laundering Act (PMLA), 2002. Sharma allegedly lured investors into investing through the Iceland-registered website BTCFUND.IS by promising high returns on bitcoin investments.
The money laundering investigation was initiated on the basis of FIRs registered by Rajpur Police Station in Dehradun and Dineshpur Police Station in Udham Singh Nagar against Sharma and others on charges of cheating.
The ED said Sharma, who is currently in judicial custody, allegedly collected large sums from investors across the country by falsely claiming that the investment platform had the backing of foreign nationals, thereby projecting it as a credible international venture.
Investigators alleged that Sharma operated the scheme between 2014 and 2018 before abruptly shutting down the website after collecting substantial bitcoin investments, leaving investors without access to their funds.
According to the agency, blockchain analysis traced approximately 856.23 bitcoins, valued at around Rs 200 crore, as proceeds of crime. The ED alleged that the funds were laundered through cryptocurrency exchanges and used to purchase immovable properties, luxury vehicles and renovate Sharma’s residence.
The agency also claimed Sharma had no legitimate source of income apart from the funds generated through the alleged fraud but acquired multiple high-value properties in and around Dehradun, a bungalow in a prime locality and two luxury cars.
Earlier, the ED had attached assets worth Rs 4.56 crore in the case.
Sharma was arrested by the ED and is currently lodged in Siddhowala Prison, Dehradun. The agency filed a prosecution complaint before the Special PMLA Court in Dehradun on May 20, and the court took cognisance of the case on July 13.
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