🧵 Crypto Fraud Crackdown in India 🚨

The Directorate of Enforcement (ED) has launched a major action in a large crypto investment scam linked to Karnataka.
Here’s what you need to know ⤵️

🔍 21 locations raided

ED conducted searches across Karnataka, Maharashtra, and Delhi on December 18.

⚖️ Under PMLA, 2002

The raids were carried out under the Prevention of Money-Laundering Act, targeting 4th Bloc Consultants and other accused.

🎯 How the scam worked

Fake crypto investment platforms mimicked legit websites.

• Promised high returns

• Used photos of known personalities without consent

• Paid early investors to build trust (MLM-style)

📢 Social media as the trap

Facebook, Instagram, WhatsApp, Telegram were used to push referral bonuses and lure more victims.

💸 Money laundering routes

Funds moved via:

Crypto wallets • Shell firms • Foreign bank accounts • Hawala • P2P transfers

🌍 Global victim base

Both Indian and foreign investors were targeted under the promise of quick profits.

🏠 Assets seized & traced

Proceeds were allegedly used to buy properties in India and overseas.

Several assets have now been identified by investigators.

⏳ Active since 2015?

ED believes the same modus operandi has been running for nearly a decade.

⚠️ Big takeaway

Flashy returns + social media hype = major red flag 🚩

📰 Source: The Hindu

Will this trigger stricter action on #cryptofrauds in #India ? ⤵️