CBI Freezes Crypto Linked to $122,000 Florida Bank Scam

In brief

• CBI freezes crypto linked to $122K Florida bank impersonation scam.
• U.S. DOJ traced stolen funds to Indian WazirX account of Punam Jaiswal.
• Assets worth 0.26 BTC, 7.83 ETH, and ₹8.7L frozen under MLAT cooperation.

The Central Bureau of Investigation (CBI) has frozen cryptocurrency assets connected to a $122,000 Florida bank impersonation scam. The action follows a formal request from the U.S. Department of Justice (DOJ) under the Mutual Legal Assistance Treaty (MLAT) between India and the United States.

Officials said the funds were traced to an account at WazirX, a cryptocurrency exchange based in India. The account was registered under the name Punam Jaiswal, an Indian national who is now deceased.

According to the investigation, the U.S. authorities discovered that the stolen funds from the Florida scam were transferred to Jaiswal’s WazirX wallet. The assets included 0.26 Bitcoin, 7.83 Ether, and ₹8.7 lakh in Indian rupees, which have now been frozen and marked for seizure.

A search warrant issued by the Fifth Judicial Circuit Court in Hernando County, Florida, on October 26, 2023, authorised the DOJ to pursue the funds. The Ministry of Home Affairs (MHA) forwarded the request to the CBI in January 2025 for enforcement.

Joint Investigation Highlights Cross-Border Crypto Cooperation

CBI officials confirmed they initiated a preliminary inquiry into the case in June after reviewing documents from the U.S. authorities. “After proper verification, we have sought attachment of cryptocurrency and Indian rupees lying in the exchange in the name of Punam Jaiswal,” a senior official said.

The move underscores India’s growing cooperation with international law enforcement on crypto-related financial crimes. Both agencies have intensified collaboration under MLAT to track cross-border digital asset transfers used in fraud and money laundering.

The investigation revealed that U.S. victims were defrauded through a bank impersonation scam targeting accounts in Florida. The proceeds were then converted into cryptocurrency before being routed to India.

With the assets now frozen, authorities plan to complete formal seizure proceedings. The case highlights the increasing focus of global regulators on tightening oversight of cryptocurrency-linked fraud and financial crime.