The record
Written from the 1 report below. Nothing here is unsourced.
- The Enforcement Directorate has registered a money-laundering case and raided multiple locations, including in Bengaluru, in an alleged cryptocurrency investment fraud of around ₹336 crore (about $35 million).
- The case stems from an FIR by a Dutch citizen at the South Andaman cyber crime police station, who alleged he was cheated over a large crypto investment through OTC trading in tokens such as MultiverseX, Kava and SUI.
- The ED has identified Bengaluru resident Ravindra K. as the alleged mastermind, saying investors were not given the promised digital tokens, and that other foreign investors were also targeted though none has filed a complaint in India.
- The agency seized about 87,000 USDT during the July 18-19 raids and is now forensically examining digital assets, bank accounts and crypto wallets.
What to watch next
- Findings of the forensic examination of seized USDT, bank accounts and crypto wallets
- Whether more foreign victims come forward or are identified as the probe progresses
- Possible action such as arrests or chargesheets against Ravindra K. and others
Coverage1
1 report
Indian-language1
All filed from India
Named India · AGLD · BEAM · Bengaluru · Dutch citizen · GRASS · Kava · MultiverseX · SUI · USDT (Tether) · VANA · Enforcement Directorate · Ravindra K.
The 1 report is listed beside the record.
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