<h1>ED Freezes Rs 2 Crore in Bank Deposits in Crypto Conversion Case Under FEMA, Revealing Rs 15 Crore Scheme</h1> The Enforcement Directorate has frozen over Rs 2 crore in bank deposits following multi-state searches related to the illegal conversion of cryptocurrency worth approximately Rs 600 crore through Indian crypto exchanges. The investigation, conducted under the Foreign Exchange Management Act, involved searches in Delhi, Jaipur, and Mumbai. The case centers on an Indian national, previously sentenced in the US for cryptocurrency theft, who allegedly spoofed trusted websites to steal login credentials and transfer victims' cryptocurrency to wallets under his control. The stolen funds were converted into Indian Rupees and transferred to the suspect's family accounts. Several accounts have been frozen, revealing Rs 15 crore received through this scheme.