The record
Written from the 1 report below. Nothing here is unsourced.
- India's Enforcement Directorate has begun a money-laundering investigation into an alleged $35 million cryptocurrency over-the-counter trading scam in Bengaluru, based on a complaint by a Dutch entity that says it was cheated in virtual digital asset deals.
- Three named accused allegedly won investors' trust through Telegram groups, in-person meetings and claims of exclusive ties with blockchain developers, completing small transactions first before taking large sums and then failing to deliver promised tokens.
- Searches on July 18 and 19 led to the seizure of digital devices, email records, cryptocurrency wallets and virtual assets worth 8,700 USDT, with funds allegedly routed through a Bengaluru-based individual suspected to be the mastermind.
- The case matters because the alleged fraud is far larger than the $10 million initially reported, and the ED believes other foreign investors may also have been defrauded without filing complaints.
What to watch next
- Whether additional foreign investors come forward with complaints, potentially expanding the estimated fraud amount.
- Actions against Ravindra K, the Bengaluru-based individual suspected of masterminding the OTC deals.
- Progress of the PMLA probe, including further seizures or arrests following the July searches.
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1 report
English national1
All filed from India
Named India · Bengaluru · Cyber Crime Police Station, South Andaman · Enforcement Directorate · Mohammed Waseem · Ravindra K. · Saurabh Diwan · Vaibhav Gupta
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