Dehradun, April 25: Taking a new turn in the multi-crore BTC Fund fraud, the Directorate of Enforcement (ED) has revealed that the main accused not only duped investors across India but also attempted to dispose of properties already attached by the agency.
According to ED’s Dehradun Sub Zonal Office, raids were conducted at four locations under the Prevention of Money Laundering Act (PMLA), 2002. During the searches, key documents and electronic devices were seized, tightening the noose around the accused.
Hemant Ishwar Sharma, the alleged mastermind behind the scam, has been arrested and produced before the Special PMLA Court in Dehradun, which has remanded him to four days of ED custody.
The case stems from FIRs registered at Rajpur police station in Dehradun and Dineshpur in Udham Singh Nagar, where Sharma was booked for cheating investors under IPC provisions. Investigations revealed that he lured people into investing through a website — BTCFUND.IS — promising hefty returns through Bitcoin investments.
To build trust, Sharma allegedly projected the scheme as globally backed, falsely claiming involvement of foreign nationals.
Investors from across the country were convinced to pour in money based on these claims.
ED findings indicate that the funds collected were siphoned off into Sharma’s personal bank accounts and later used to purchase immovable properties in his name — a clear case of money laundering under PMLA.
In a significant move, the agency has provisionally attached assets worth around ₹4.56 crore, including land and bank balances linked to the accused. However, in a shocking revelation, ED stated that Sharma attempted to alienate these properties despite attachment orders, raising serious concerns over deliberate violations.
The investigation is still ongoing, and officials hinted at more revelations and possible involvement of others in the widening scam.
