Highrich Group's Assets Frozen in Major Crypto Fraud Investigation

Indian authorities have frozen approximately ₹32 crore ($3.93 million) in cash deposits and assets linked to the Highrich Group, which is under investigation for allegedly operating a crypto Ponzi scheme. Key individuals involved include K.D. Pratheesh and Sireesh Pratheesh. This action is part of a broader effort to combat illegal cryptocurrency trading activities and protect investors from financial fraud.

• Defendant: Highrich Group; K.D. Pratheesh and Sireesh Pratheesh.
• Crime: Alleged operation of a crypto Ponzi scheme.
• Amount Defrauded: Approximately ₹150 crore ($19.27 million) from investors.
• Method: Promising high returns and engaging in illegal cryptocurrency trading activities.
• Sentence: Not yet determined.
• Additional Penalties: Not specified.
• Investigating Agency/Agencies: Enforcement Directorate (ED), Kerala Police.
• Plea: Not yet entered.
• Prosecutor's Statement: Not provided.

Since January, the ED has frozen ₹260 crore ($31.2 million), including ₹212 crore ($25.4 million) from 15 accounts linked to Highrich Group. The investigation also identified ₹8 crore ($1 million) in properties connected to the scheme. The crackdown followed multiple complaints to Kerala Police, leading to raids on Highrich Group's premises and the seizure of assets valued at ₹32 crore ($3.93 million).

Indian authorities, led by the Enforcement Directorate (ED), have taken decisive action against the Highrich Group by freezing ₹32 crore ($3.93 million) in assets and cash deposits. This intervention is part of an ongoing investigation into an alleged crypto Ponzi scheme masterminded by K.D. Pratheesh and Sireesh Pratheesh. The Highrich Group is accused of promising high returns through illegal cryptocurrency trading activities, specifically using HR Crypto Coin. Since the start of the year, authorities have frozen significant sums of money and properties linked to the group, responding to multiple complaints and uncovering extensive financial misconduct. This case underscores the urgent need for robust regulatory frameworks to protect investors and maintain the integrity of the financial system.