The Enforcement Directorate has attached another Rs. 8.54 crore in assets linked to the BTCFUND crypto scam. The action came on July 31, 2026, in Dehradun, Uttarakhand, against Hemant Ishwar Sharma. ED alleges Sharma used BTCFUND.IS to attract investors with promises of high Bitcoin returns. The agency also says the website used Iceland registration and foreign connections to appear trustworthy.
The latest action takes total attached assets in the Bitcoin scam case to Rs. 13.10 crore. Sharma remains in Siddhowala Prison, Dehradun, after the ED arrested him during the investigation. The probe began after police complaints in Rajpur and Dineshpur accused Sharma of cheating investors. ED says people across India deposited money through BTCFUND.IS before the website shut down.
According to ED, Sharma claimed foreign nationals were connected with the company. The agency said the claim helped make the investment scheme appear credible. ED stated, “Investors from across India were induced to deposit funds on the platform.”
The agency also alleges Sharma moved the suspected scam money into bank accounts and properties. Investigators linked around 856.23 BTC to alleged proceeds in the wider probe. ED valued those holdings at around Rs. 200 crore during its investigation.
The case highlights common risks linked to fake crypto investment platforms. High return promises and foreign registration can create false trust among investors. The BTCFUND case also shows stronger action under India’s PMLA rules against suspected crypto-linked money laundering.
The case shows how scammers can use high return promises to attract crypto investors. Foreign registration can also make an online platform look more trustworthy than it really is. The BTCFUND case highlights the risks of investing through platforms without proper approval or regulation.
India has also increased action against crypto-related money laundering under the PMLA. ED continues to investigate the case, while the attached assets remain part of the legal process.
The investigation remains ongoing, while the attached assets face further legal proceedings.
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