India's Enforcement Directorate (ED) is ramping up its efforts to combat crypto-related fraud, launching a series of coordinated raids across multiple states. This crackdown targets a network of fraudulent investment platforms that have allegedly scammed investors both domestically and internationally, as stated in the official source.
ED's Operation Overview
The ED's operation involved raids at 21 residential and office locations in Karnataka, Maharashtra, and New Delhi, as part of a broader money laundering investigation under the Prevention of Money Laundering Act (PMLA). The case centers around 4th Bloc Consultants and several other individuals, with authorities labeling it an organized, multiyear financial fraud scheme.
Fraudulent Cryptocurrency Platforms
The accused are said to have operated fake cryptocurrency investment platforms that promised investors unusually high returns. These platforms attracted both Indian residents and foreign nationals, enticing them with claims of quick profits through digital assets.
Public Advisory Issued
In response to the ongoing investigation, the ED has issued a public advisory, warning potential investors to steer clear of several websites believed to be linked to this fraudulent network.
The recent crackdown by India's Enforcement Directorate on fraudulent crypto platforms highlights the growing need for investor awareness. In a related development, the U.S. SEC has issued a warning about withdrawal fee tactics used in investment scams. For more details, see read more.
