Indian Enforcement Directorate Raids Several Cities in $29M Crypto Fraud Ring
Main Idea
The Indian Enforcement Directorate (ED) conducted raids across multiple cities in connection with a $29M crypto fraud involving Bitcoin and impersonation of tech support services, with assets seized under the Prevention of Money Laundering Act.
Key Points
1. The ED raided 11 locations in India, including Delhi, following FIRs filed by the CBI and victims, targeting a $29M Bitcoin fraud.
2. Fraudsters posed as Microsoft and Amazon tech support agents to dupe victims and converted stolen crypto into cash via USDT and hawala operators in the UAE.
3. The ED provisionally attached assets worth Rs. 42.8 Crore, including 18 immovable properties and bank accounts, linked to suspect Chirag Tomar and associates.
4. The raids follow another ED investigation into a $4.7M crypto exchange case, with an Indian national arrested in the US.
5. Earlier, the ED seized $198M in digital assets tied to the BitConnect scam and $2.88M in the GainBitcoin scam.
Description
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 the...
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