India’s ED Cracks Down on Multi-State Crypto Scam Network
India's Enforcement Directorate has launched coordinated raids across Karnataka, Maharashtra, and Delhi targeting an elaborate cryptocurrency fraud scheme. The operation marks a significant escalation in regulatory action against fake investment platforms that have proliferated since 2015.
Investigators uncovered sophisticated mimicry of legitimate crypto websites, complete with fabricated performance metrics and structured payout systems designed to build false credibility. The network allegedly targeted both domestic and international investors through promises of guaranteed high returns—a hallmark of Ponzi schemes adapted for the digital asset era.
This crackdown follows similar actions by Karnataka State Police, suggesting growing interagency coordination against financial crimes exploiting cryptocurrency's pseudonymous features. The 21 simultaneous searches represent one of India's most extensive anti-crypto fraud operations to date.
