India’s law enforcement raided multiple cryptocurrency scam hubs in a surprise operation, with foreign investors targeted as the primary victims.

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ME News, July 21 (UTC+8). The Bangalore branch of the Enforcement Directorate (ED) in India conducted surprise searches at multiple locations involved in the case between July 18 and 19 under the Prevention of Money Laundering Act (PMLA), cracking a virtual-asset over-the-counter (OTC) trading fraud case targeting overseas investors.

The criminal group, via social private-domain channels, claimed it could supply tokens such as MultiversX, Kava, BEAM, GRASS, SUI, VANA, and AGLD at a discount, thereby luring foreign investors to put in funds. The total amount involved in the case is approximately $35 million, and the case was initially filed after a complaint from a Dutch entity.

In this operation, the authorities seized electronic devices involved, wallet credentials, and encrypted assets worth 8,700 USDT. Law enforcement is still continuing to expand leads and dig deeper into the complete criminal chain. (Source: ODAILY)

EGLD-0.38%
KAVA0.84%
BEAM-2.86%
GRASS2.49%
SUI-0.55%
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