India Central Bureau of Investigation (CBI) has taken action in collaboration with the U.S. Department of Justice (DOJ) to freeze digital assets related to a significant bank impersonation scam in Florida, totaling $122,000. This joint effort highlights the increasing cooperation between India and the U.S. in combating cryptocurrency fraud and financial crimes.
The investigation revolves around a bank impersonation fraud scheme in Florida, which led to the theft of approximately $122,000. The stolen funds were traced to a cryptocurrency account on WazirX, a prominent Indian crypto exchange, registered under the name of Punam Jaiswal, a deceased Indian national.
Following a seizure order issued by the Circuit Court of the 5th Judicial Circuit in Hernando County, Florida, the DOJ sought assistance from Indian authorities under the Mutual Legal Assistance Treaty (MLAT) between the two countries.
In response to the DOJ’s request, India’s Ministry of Home Affairs (MHA) forwarded the case to the CBI in January 2025. A preliminary investigation conducted by the CBI confirmed suspicions that Jaiswal’s cryptocurrency holdings may be linked to illicit activities. Subsequently, the CBI requested the freezing of both cryptocurrency and Indian rupees associated with Jaiswal’s WazirX account.
A senior CBI official, speaking on condition of anonymity, explained, “After verifying the documents provided by U.S. authorities, we have taken swift action to secure these assets to prevent any further movement or liquidation.”
This case underscores the importance of international cooperation in investigating crypto-related crimes and signals a shift towards stricter oversight and accountability in cross-border digital asset cases. It also emphasizes the need for regulatory compliance in the crypto sector, as digital assets are now subject to the same legal frameworks as traditional financial holdings.
As India implements new regulations for cryptocurrency exchanges and digital wallets, enforcement actions like these reinforce the importance of transparency and accountability within the digital finance ecosystem. Global financial authorities are increasingly focusing on cryptocurrency fraud and regulation to ensure the security and integrity of the digital financial landscape.
In conclusion, the freezing of crypto assets by the CBI on the DOJ’s request in connection with the $122,000 Florida bank scam highlights the growing cooperation between India and the U.S. in combating cryptocurrency fraud and underscores the significance of regulatory compliance in the digital asset space. This joint effort serves as a reminder that international collaboration is essential in ensuring that digital assets are used for innovation rather than exploitation.