ED arrests kingpin in cryptocurrency fraud, money-laundering case

The Directorate of Enforcement (ED)’s Chennai Zonal Office II has arrested Syed Usman, also known as Babu, and Dhamodharan Balachandran on 22 September 2026 under Section 19 of the Prevention of Money Laundering Act (PMLA). The Directorate brought both accused before the Special Court, PMLA, which granted three days of judicial custody.

The arrests are part of a money-laundering investigation relating to the Hashpe cryptocurrency fraud.