The Enforcement Directorate (ED) on Wednesday conducted search operations at 11 locations across Delhi, Noida, Gurugram and Dehradun in connection with a global cyber fraud case involving ₹260 crore illegal cryptocurrency transactions and international money laundering.
The investigation is based on First Information Reports (FIRs) registered by the Central Bureau of Investigation (CBI) and Delhi Police. The probe is launched under the provisions of the Prevention of Money Laundering Act (PMLA).
Officials said the fraudsters targeted both Indian and foreign nationals by impersonating police officers or other law enforcement personnel.
“Victims were coerced and threatened with arrest into transferring their money,” said the officials.
In several instances, the accused also posed as technical support agents from companies, namely, Microsoft and Amazon, further deceiving individuals and gaining access to their funds.
"The ill-gotten gains were allegedly converted into cryptocurrencies, primarily Bitcoins, and then transferred to various accused individuals.”
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ED investigations have so far revealed that the accused amassed over ₹260 crore in the form of Bitcoins, which were stored in multiple crypto wallets. "These digital assets were later liquidated into cash by converting them into USDTs (Tether) and funnelled through a network of hawala operators and individuals based in the United Arab Emirates,” the officials, privy to the development, told the media.
Further investigation is underway to trace additional beneficiaries and recover the proceeds of crime.
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