TechFlow news, on December 24, according to Cryptopolitan, India's Enforcement Directorate (ED) conducted searches across 21 locations in Karnataka, Maharashtra, and Delhi, investigating a money laundering case involving fraudulent cryptocurrency investment platforms. The investigation revealed that the criminal network operated multiple fake cryptocurrency investment platforms mimicking legitimate trading websites, promising abnormally high returns to lure both domestic and overseas Indian investors.
The investigation found that scammers used photos of celebrities and images of so-called "cryptocurrency experts" to build trust, promoted their schemes through social media, and paid small returns to early investors to attract larger investments. Proceeds from the fraud were laundered via cryptocurrency wallets, peer-to-peer transfers, shell companies, and underground banking networks.
The Enforcement Directorate has issued a public warning advising investors to avoid several suspicious websites, including goldbooker.com and cryptobrite.com. The scam group is believed to have been operating since 2015.
