India’s Enforcement Directorate, through its Bengaluru zonal office, carried out search operations on July 18 and 19 under the Prevention of Money Laundering Act (PMLA) in connection with a virtual asset over-the-counter fraud case targeting overseas investors. According to ChainCatcher, the group allegedly used private social channels to claim it could supply tokens including MultiversX, Kava, BEAM, GRASS, SUI, VANA and AGLD at discounted prices, drawing foreign investors into sending funds. The total amount tied to the case was reported at about $35 million, and the matter was initially registered following a complaint from a Dutch entity. During the operation, authorities seized electronic devices, wallet-related records and crypto assets worth 8,700 USDT. The agency said the investigation is still expanding as officials work to uncover the full criminal chain.
India’s Enforcement Directorate, through its Bengaluru zonal office, conducted search operations on July 18 and 19 under the Prevention of Money Laundering Act (PMLA) in a virtual asset over-the-counter fraud case involving overseas investors, according to ChainCatcher.
The group allegedly used private social channels to claim it could provide discounted supplies of tokens including MultiversX, Kava, BEAM, GRASS, SUI, VANA and AGLD, luring foreign investors to commit funds. The total amount involved in the case was about $35 million. The case was first registered after a complaint was filed by a Dutch entity.
Authorities said the operation led to the seizure of electronic devices, wallet-related documents and crypto assets worth 8,700 USDT. The investigation is continuing as enforcement officials work to expand leads and uncover the full criminal chain.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
