Indian authorities crack down on a cryptocurrency fraud ring targeting foreigners

Odaily News The Enforcement Directorate (ED) of India has cracked down on a cryptocurrency fraud gang that targeted foreigners. The ED announced on Friday that it had conducted searches on Prafful Gupta and his associates at various locations in Delhi, Haryana, and Kanpur (Uttar Pradesh) on June 6 in connection with an investigation into an online scam targeting foreigners. The investigation began with a preliminary information report (FIR) filed by the Central Bureau of Investigation (CBI) against Gupta and other accused. The accused persuaded the victim to transfer $400,000 into a cryptocurrency account, claiming that her bank account was unsafe. An unauthorized remote access was used to create a cryptocurrency account in her name. The transferred funds were converted into cryptocurrency and dispersed to various accomplices. The ED further revealed that the search operations led to the seizure of digital evidence, freezing of fixed deposits (FDs) of Rs 725 million ($880,000), and seizure of jewellery worth Rs 3.5 crore ($42 million). The investigation is still ongoing. (News.bitcoin)