Indian Authorities Bust Multi-State Crypto Scam Running for 10 Years

India's Enforcement Directorate (ED) conducted coordinated raids across Karnataka, Maharashtra, and Delhi targeting premises linked to 4th Bloc Consultants as part of a probe into a large-scale crypto scam allegedly operating for nearly ten years, dating back to at least 2015. The group allegedly ran fake crypto investment platforms promising high returns to both Indian and foreign investors, mimicking legitimate trading sites. Investigators found the operation was essentially a Ponzi scheme where funds were recycled, and operators misused photos of public figures to build trust. Victims were lured via social media, and early investors were paid small returns to encourage larger investments and recruitment. Proceeds were laundered through crypto wallets, foreign bank accounts, shell companies, and hawala channels. The ED identified crypto wallet addresses and assets acquired abroad during the raids, and the investigation is ongoing.

(Source：BeInCrypto)