ED Cracks Down on Ether Trade Asia: Investor Losses Cross ₹4.25 Cr

India’s Directorate of Enforcement has intensified its crackdown on crypto-linked financial fraud, seizing cryptocurrencies worth ₹43 lakh in a case linked to the illegal trading platform Ether Trade Asia. According to an official press release dated January 13, 2026, the ED’s Nagpur zonal office conducted coordinated search operations on January 7 under the Prevention of Money Laundering Act at three locations across Nagpur district, Maharashtra.

The searches were carried out against Nished Mahadeo Rao Wasnik & his associates, who allegedly orchestrated a large-scale crypto investment scam targeting retail investors.

• ₹43 Lakh in Crypto & ₹20 Lakh in Bank Balances Frozen
• Fake Ethereum Trading Schemes & Promotional Seminars
• Investor Losses Cross ₹4.25 Crore
• Investigation Ongoing

₹43 Lakh in Crypto & ₹20 Lakh in Bank Balances Frozen

During the raids, the Enforcement Directorate froze a secret personal crypto wallet holding digital assets worth ₹43 lakh, along with bank balances exceeding ₹20 lakh. Officials also seized multiple digital devices & voluminous incriminating documents believed to detail the flow of illicit funds.

In addition, investigators identified several movable & immovable assets, including suspected benami properties worth crores of rupees, allegedly acquired using proceeds generated from the scam.

Fake Ethereum Trading Schemes & Promotional Seminars

The probe was initiated following FIRs registered by Maharashtra Police under various sections of the IPC. The accused are alleged to have lured investors with promises of exorbitantly high returns in a short period, claiming profits from cryptocurrency trading.

ED officials stated that the syndicate deceptively promoted an unregistered online platform, Ether Trade Asia, presenting it as a legitimate crypto investment opportunity linked to Ethereum. To build credibility, the group reportedly organised promotional seminars at star-rated hotels across Nagpur & other parts of Maharashtra, disseminating misleading information about guaranteed returns.

At the core of the operation was a fraudulent binary commission structure, designed to induce continuous inflow of funds from unsuspecting investors. Authorities allege that funds collected under the guise of crypto trading were siphoned off for personal use instead of being invested.

Investor Losses Cross ₹4.25 Crore

ED’s investigation estimates that the scam resulted in wrongful losses of more than ₹4.25 crore to investors, with corresponding unlawful gains to the accused. A portion of the misappropriated funds was converted into cryptocurrencies & concealed in personal wallets to evade detection, while the rest was used to acquire assets in the names of family members & controlled entities.

Investigation Ongoing

The enforcement agency confirmed that further investigation is underway to trace additional assets, identify the full network of beneficiaries, & determine whether the scam has interstate or cross-border linkages.

The case adds to a growing list of crypto-related fraud probes in India, highlighting increasing regulatory scrutiny on unregistered investment platforms promising guaranteed returns under the banner of digital assets.

If you find any issues in this blog or notice any missing information, please feel free to reach out at yash@etherworld.co for clarifications or updates.

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