The New Indian Express ·
ED searches 17 premises in crypto fraud, narcotics cases in Chennai
CHENNAI: The Enforcement Directorate (ED) conducted searches on 17 premises in Chennai, Coimbatore, Kolkata, and Nagapattinam in two separate money laundering cases linked to a cryptocurrency fraud and drug trafficking, the agency said on Thursday.
The ED’s Chennai Zonal Office-II searched 11 premises across Chennai, Coimbatore and Kolkata on September 1 in connection with the Hashpe cryptocurrency fraud case.
The probe, based on a Puducherry Cyber Crime Police FIR, found that Hitesh Kumar, Imran Basha and Syed Usman allegedly floated a fraudulent investment scheme under the guise of a cryptocurrency trading platform and lured investors with promises of lucrative returns through a purported token, TCX.
The agency said promotional events, celebrity endorsements and social media campaigns were used to attract investors, while the token’s value was artificially inflated.
Withdrawals were later blocked and around `40 crore allegedly collected from investors was diverted through shell entities, associates and relatives. Basha and Kumar were arrested on September 3 and a special court granted five days’ custody.
Separately, the ED’s Madurai Sub-Zonal Office searched six premises in Nagapattinam on September 3 over alleged money laundering linked to meth and ganja trafficking.
The agency said M Alex, a repeat offender, was intercepted by the NCB in April 2025 carrying methamphetamine. Drug proceeds were allegedly invested in properties, shrimp farms and vehicles in Nagapattinam, Velankanni and Thaliyamadi. Devices and documents were seized in both cases.
