India's ED Raids Crypto OTC Fraud Operation Targeting Foreign Investors, Seizes $35M in Assets

EGLD0.34%
KAVA1.18%
BEAM-3.14%
GRASS-0.40%
SUI0.31%
According to ChainCatcher, India's Enforcement Directorate (ED) Bangalore division conducted raids on July 18-19 into a virtual asset over-the-counter fraud targeting foreign investors under provisions of the Prevention of Money Laundering Act (PMLA). The criminal network promoted discounted tokens including MultiversX, Kava, BEAM, GRASS, SUI, VANA, and AGLD through social media channels to lure foreign investors. The total case value is approximately $35 million, initially reported by a Dutch entity. The operation seized electronic devices, wallet credentials, and crypto assets valued at 8,700 USDT, with authorities continuing investigation to uncover the full criminal network.
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