The Indian law enforcement agency conducted raids on multiple cryptocurrency scam dens, targeting foreign investors as the victim group

On July 18 to 19, the Bangalore branch of the Indian Enforcement Directorate conducted raids at multiple locations involved in a virtual asset over-the-counter trading scam targeting overseas investors, based on the Prevention of Money Laundering Act (PMLA).

The criminal gang claimed to supply tokens such as MultiversX, Kava, BEAM, GRASS, SUI, VANA, and AGLD at discounted prices through private social channels, thereby enticing foreign investors to invest funds. The total amount involved in the case is approximately $35 million, initially reported by a Dutch entity.

This operation has seized electronic devices, wallet credentials, and cryptocurrency assets worth 8,700 USDT. Law enforcement agencies are continuing to expand leads and dig deeper into the complete criminal chain.