The Enforcement Directorate of India (ED) has raided 11 locations across multiple cities, including Delhi, in connection with a global crypto fraud case.
The agency conducted the searches on Wednesday, following First Information Reports (FIRs) registered by the Central Bureau of Investigation (CBI) and the Delhi Police.
Per investigations, fraudsters impersonated as police or investigating agency officers to Indian and foreign nationals. They further extorted money from victims, threatening them with consequences of arrest, a local report revealed.
Fraudsters Accrued $29M in Bitcoin Across Multiple Crypto Wallets: ED
Sources note that perpetrators also duped victims by posing as Microsoft, Amazon tech support service agents.
The accused allegedly generated nearly $29 million in Bitcoin from illicit gains. The cryptos were further liquidated into cash through USDT conversion via multiple hawala operators in the UAE, the agency sources added.
The agency carried out raids under the Prevention of Money Laundering Act (PMLA) on Wednesday.
The raid arrives a day after the ED initiated an investigation in a $4.7 million crypto fraud case, where the accused spoofed the website of crypto exchange Coinbase. An Indian national was arrested in the US in connection with the fraud case.
In March, the ED chose CoinDCX to oversee the management of seized digital assets, as part of a crackdown on cryptocurrency-related financial crimes.
Crypto Adoption Rise in India Forces Regulatory Bodies to Focus on Stronger Enforcement
Indian authorities have recently intensified enforcement against crypto fraud, following high-profile cases like BitConnect and GainBitcoin that question investor protection.
The ED seized digital assets worth approximately $198 million linked to the BitConnect scam, which defrauded investors worldwide.
Earlier, the CBI had seized $2.88 million in the GainBitcoin scam, uncovering evidence of financial misappropriation. Such recent actions demonstrate the increasing efforts by authorities to tackle large-scale crypto-related fraud.
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