ED Raids Noida & Delhi, Others in the Global Crypto Scam Investigation

The Economic Times reported that the Enforcement Directorate of India has conducted several searches on Wednesday on around 1 dozen places in Noida, Dehradun, Delhi, and Gurugram in a complaint of global crypto fraud

It is worth noting that the ED has conducted raids on different locations under the PLMA (Prevention of Money Laundering Act) 2022, following the first information report filed by the Central Bureau of Investigation and the Delhi Police

While conducting raids at different locations, the ED learned that the mastermind in the million-dollar crypto scam looted regional people and international people in the name of officers of the investigating agency and police officers

The ED also said that the involved portrayed themselves as Amazon and Microsoft employees and further looted the victims. The stolen funds from the victims were then converted into cryptocurrencies, which were afterwards transferred to the accused person

The looted money was converted into Bitcoin and then into USDT via hawala

The ET’s reports also note that the money gathered from the victims was reportedly converted into Bitcoin, and was further changed into cash USDT conversion with the help of several hawala operators based in the United Arab Emirates

It is worth noting that the usage of hawala channels for crypto conversion has surged to a new high in developing nations like India, which seems to be denting the nation’s economy and reputation globally

India has more than 600 million internet users, and a significant number of people are involved in digital assets and crypto, making them more prone to cyberattacks and other such events. Over time, the population of the nation has changed its stance on Web2 and now seems to be shifting towards Web3 with nominal or limited knowledge, which makes them fall victim to bad actors and fraudsters

Every year, India loses over $250 million in crypto-related frauds and scams, as its massive population is contributing heavily to the digital asset it now one of the most cyberattack-prone

In 2024, it was reported that India mirrored a dent of nearly $3 billion from cyber frauds, hacks, and scams, and the majority of them were tied to AI, crypto, and other blockchain and digital asset products

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