According to the agency, the scammer operated as a technical support agent, calling and communicating with unsuspecting victims in both India and overseas. The scammers sometimes dressed as a police officer or other investigative authority to further threaten the victim with allegations of criminal action and arrest unless immediate payment was made.
Authorities have traced a Rs. 260 crore fraud, exposing the growing threat of crypto-related financial crimes. The extorted money, , was directed into cryptocurrencies, allowing the scammer to make the money disappear down the trail of transactions. The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA) in response to reports and FIRs filed by the CBI and Delhi Police.
The ED crypto raid revealed layers of illegal transactions involving multiple shell companies. Searches were conducted at 11 locations in which the aimed to obtain digital and financial evidence relating to the scam.
