Indian Authorities Freeze Highrich Group’s Assets Amid Alleged Crypto Ponzi Scheme

India's Enforcement Directorate (ED) has frozen approximately ₹32 crore ($3.83 million) in cash deposits and other assets tied to Highrich Group, an online entity under scrutiny for allegedly running a crypto Ponzi scheme.



Sources close to the matter, cited by The Hindu, reveal that the ED’s investigation has discovered that K.D. Prathapan and Sreena Prathapan’s Highrich Group amassed around ₹1,500 crore ($179.5 million) from investors by promising high returns and a 15% annual interest rate. The ED accuses the group's promoters and stakeholders of engaging in illicit cryptocurrency trading activities on various exchanges while promoting their own cryptocurrency, HR Crypto Coin.



According to the ED, these crypto assets were utilized in a Ponzi scheme, enticing investors with promises of high returns funded by new investor contrib


First found on: Cryptonews from Coinatory