Indian law enforcement authorities dismantle interstate cryptocurrency scam network and seize multiple fake trading platforms.
the Indian Enforcement Directorate (ED) conducted searches at 21 locations in Karnataka, Maharashtra, and Delhi, investigating a money laundering case involving a fake cryptocurrency investment platform.The investigation revealed that the criminal network operated multiple fake cryptocurrency investment platforms mimicking legitimate trading websites, promising unusually high returns to lure investors both in India and abroad. The investigation found that the scammers used celebrity photos and the image of so-called "cryptocurrency experts" to build trust, promoted via social media, and paid small returns to early investors to attract larger investments. The criminal proceeds were laundered through cryptocurrency wallets, peer-to-peer transfers, shell companies, and underground money changers. The Enforcement Directorate has issued a notice warning investors to stay away from several suspicious websites, including goldbooker.com and cryptobrite.com. The scam group is said to have been operating since 2015.
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