India Raids Crypto Fraud Ring Targeting Overseas Investors With $35M Scheme

ED raids in Bengaluru target OTC fraud ring defrauding foreign investors of $35M via fake token discounts. Assets and credentials seized.

Woofun AI reports that India's Enforcement Directorate executed raids in Bengaluru on July 18-19 under the Prevention of Money Laundering Act. Authorities investigated a virtual asset OTC fraud scheme targeting overseas investors, who were lured by false discount offers on tokens including MultiversX, Kava, BEAM, GRASS, SUI, VANA, and AGLD. The operation, triggered by a report from a Dutch entity, involved approximately $35 million. Investigators seized electronic devices, wallet credentials, and crypto assets valued at 8,700 USDT while continuing to trace the criminal network.