Today, the Enforcement Directorate (ED) conducted extensive searches across several cities in India, including Delhi and Noida, as part of an investigation into a global cryptocurrency fraud scheme.
Overview of the Investigation
The ED's investigation targeted 11 locations associated with a cyber fraud network that posed as tech support for major companies like Microsoft and Amazon. This operation follows multiple FIRs lodged by the Central Bureau of Investigation (CBI) and Delhi Police.
Methods Used by the Fraudsters
According to the ED, the accused deceived victims, which included both Indian and foreign nationals, by impersonating customer support representatives and even law enforcement officers. The fraudsters allegedly threatened arrest to extort money from their victims.
Rising Cryptocurrency Scams
Cryptocurrency scams have been on the rise globally. Recently, hackers stole around $44 million from an Indian cryptocurrency exchange, CoinDCX. Additionally, a report indicated a 27.2% increase in cryptocurrency scams in July 2025 compared to June, resulting in total losses of approximately $142 million.
The investigation into cryptocurrency fraud in India highlights the need for enhanced measures to protect financial systems at both national and international levels.
