Delhi Court Suggests CBI Should Take Over ₹2,000 Crore WazirX Crypto Scam Case

By: coinpedia|2025/05/16 17:15:05

Delhi court urges CBI involvement in $235M (₹2,000 crore) WazirX hack with international ties. Key accused SK Masud Alam allegedly accessed accounts using fake identity “Souvik Mondal.” Judge suspects global syndicate involvement, cites need for deeper national-level investigation authority. CBI yet to take over, while Alam’s bail hearing rescheduled for May 19 decision. A major crypto fraud linked to one of India’s biggest crypto exchanges, WazirX, is now drawing attention at the national level. The Delhi court suggested that the Central Bureau of Investigation (CBI) may need to take over the probe. The case, which involves a massive $235 million (worth ₹2,000 crore) cyber heist, has raised serious concerns about a possible international syndicate behind the attack. What’s the Case About? The case is tied to a massive hack that hit WazirX on July 18, 2024 , when nearly $235 million (roughly ₹2,000 crore) worth of cryptocurrency was stolen. WazirX, operated by Zanmai Labs Pvt. Ltd had quickly filed a complaint with the Delhi Police’s IFSO unit after discovering that their Multi-Signature Wallets, which store customer crypto funds, had been drained. Last year, Delhi Police arrested a man named SK Masud Alam from West Bengal for his role in a major hacking case. He was accused of using a fake name, “Souvik Mondal,” to attack a WazirX account. Court Hands Over The Case To CBI On May 1, Additional Sessions Judge Sumit Dass reviewed the bail application of SK Masud Alam, one of the key accused. Alam, who has been in jail for over eight months, has had previous bail pleas rejected. The judge expressed concern that the case may involve a wider criminal network, potentially with international links or even state support. He noted that the technical nature of the hack and the scale of the theft require deeper investigation, making it more suitable for a central agency like the CBI to take over. More Arrests and No Progress Yet During questioning, Alam reportedly confessed to connecting with someone named M. Hasan via Telegram, who offered him money in exchange for credentials to access WazirX accounts. His account had received crypto deposits worth over ₹91 lakh shortly after being created. 19 May Next Hearing Though the court hasn’t officially handed over the investigation, it has sent its order to the CBI Director for consideration. Meanwhile, the bail application for Alam will be heard again on May 19, when more clarity is expected on whether the central agency will take charge. If proven true, this case could become one of the most significant crypto-related frauds in India.

On March 4, 2026, DDC Enterprise Limited (NYSE American: DDC) today announced preliminary, unaudited full-year financial performance for the year ended December 31, 2025. The company expects to achieve record revenue and record positive adjusted EBITDA, primarily driven by continued growth in its core consumer food business and overall margin improvement. The final audited financial report is expected to be released in mid-April 2026.

2025 Full-Year Financial Highlights

Revenue: Expected to be between $39 million and $41 million, reaching a new company high.

Organic Growth: Excluding the impact of the company's strategic contraction of its U.S. operations, core revenue is expected to grow 11% to 17% year over year.

Gross Profit Margin: Expected to be between 28% and 30%, reflecting continued operational efficiency improvements.

Adjusted EBITDA: The company expects to achieve a positive full-year result in 2025, a significant improvement from a $3.5 million loss in 2024, mainly due to rigorous cost controls and a higher-margin sales mix.

Core Consumer Food Business Performance

In 2025, DDC's core consumer food business maintained strong operational performance.

The company also disclosed Core Consumer Food Business Adjusted EBITDA, a metric that further excludes costs related to its Bitcoin reserve strategy and non-cash fair value adjustments related to its Bitcoin holdings from adjusted EBITDA to more accurately reflect the core business performance.

In 2025, Core Consumer Food Business Adjusted EBITDA is expected to be between $5.5 million and $6 million.

Bitcoin Reserve Update

In the first half of 2025, DDC initiated a long-term Bitcoin accumulation strategy, holding Bitcoin as its primary reserve asset.

As of December 31, 2025: The company holds 1,183 BTC.

As of February 28, 2026: Holdings increased to 2,118 BTC

Today's additional purchase of 65 BTC brings the company's total holdings to 2,183 BTC

DDC Founder, Chairman, and CEO Norma Chu stated, "We are proud to have closed 2025 with record revenue and positive adjusted EBITDA, demonstrating the steady growth of the company's consumer food business and the ongoing improvement in profitability. We are building a disciplined, growth-oriented food platform and strategically allocating capital to Bitcoin assets with a long-term view, aligning with our core beliefs. We believe that this dual-track model of 'Steady Consumer Business + Strategic Bitcoin Reserve' will help DDC create lasting long-term value for shareholders."

Adjusted EBITDA Definition
For the full year 2025, the company defines "Adjusted EBITDA" (a non-GAAP financial measure) as: Net income / (loss) excluding the following items:· Interest expense· Taxes· Foreign exchange gains/losses· Long-lived asset impairment· Depreciation and amortization· Non-cash fair value changes related to financial instruments (including Bitcoin holdings)· Stock-based compensation

About DDC Enterprise Limited

DDC Enterprise Limited (NYSE: DDC) is actively implementing its corporate Bitcoin Treasury strategy while continuing to strengthen its position as a leading global Asian food platform.

The company has established Bitcoin as a core reserve asset and is executing a prudent, long-oriented accumulation strategy. While expanding its portfolio of food brands, DDC is gradually becoming one of the public company pioneers in integrating Bitcoin into its corporate financial architecture.

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DDC Enterprise Limited Announces 2025 Unaudited Preliminary Financial Performance: Record Revenue Achieved, Bitcoin Treasury Grows to 2183 Coins