India's Enforcement Directorate Raids Multiple Crypto Fraud Dens Targeting Foreign Investors

Odaily reported that the Bengaluru branch of India's Enforcement Directorate conducted raids on multiple premises from July 18 to 19 under the Prevention of Money Laundering Act (PMLA), investigating a virtual asset over-the-counter (OTC) trading fraud case targeting overseas investors.

The criminal group, through private social media channels, claimed to offer discounts on tokens such as MultiversX, Kava, BEAM, GRASS, SUI, VANA, and AGLD to induce foreign investors to put in funds. The total amount involved in the case is approximately $35 million. The case was initially filed after a report from a Dutch entity. The operation has seized electronic devices, wallet credentials, and crypto assets worth 8,700 USDT. Law enforcement authorities are continuing to expand leads and uncover the entire criminal chain.