Indian Enforcement Directorate Cracks Down On Cryptocurrency Fraud Ring

According to Odaily, the Indian Enforcement Directorate (ED) has taken action against a cryptocurrency fraud ring targeting foreigners. The ED announced on Friday that it had conducted searches at various locations in Delhi, Haryana, and Kanpur on June 6th, targeting Prafful Gupta and his associates. The investigation is related to a case of online fraud against foreigners. The investigation began with a preliminary information report (FIR) submitted by the Central Bureau of Investigation (CBI) against Gupta and other defendants. The defendants convinced the victim to transfer $400,000 into a cryptocurrency account, claiming her bank account was not secure. An unauthorized remote access was used to create a cryptocurrency account in her name. The transferred funds were converted into cryptocurrency and distributed to various associates. The ED further revealed that the search operation led to the seizure of digital evidence, freezing of fixed deposits worth 725 million rupees ($880,000), and confiscation of jewelry worth 35 million rupees ($420,000). The investigation is still ongoing.