PMLA (Prevention of Money Laundering)court grants custody of Ashish Malik
A special court hearing Prevention of Money Laundering (PMLA) cases in Hyderabad has granted Enforcement Directorate (ED) custody of Ashish Malik. Malik was arrested in New Delhi for allegedly duping more than 1,000 people on the pretext of making investment in a Russian oil company named Roseneft Oil Company.
Malik along with his accomplices Sunil Singh and Sandeep Kaushik promised people of 20 per cent per month return on the pretext of making investment in Roseneft Hedge Fund and also launched two crypto coins named ‘RHFCOIN’ and ‘RHFGOLD’.
In this manner, they collected crores of funds from people across India and laundered the same by investing it in crypto currencies, largely bitcoin.
Subsequently, the accused and his accomplices siphoned off the funds thus collected, according to a press release. Proceeds of Crime (POC) in the subject matter is Rs. 52 crore, however further investigations are on to unearth the actual amount of POC.
In pursuant to the court order, Malik has been taken into ED custody from Tihar Jail in New Delhi, where he was currently lodged after his arrest by the Economic Offences Wing (EOW), New Delhi.
