How Indian Authorities Busted an Alleged Crypto Scam Operation

India's Enforcement Directorate (ED) conducted search operations in Nagpur, Maharashtra, against an alleged cryptocurrency fraud operation led by Nished Mahadeo Rao Wasnik, resulting in estimated investor losses exceeding Rs. 4.25 crore (approximately $472,000). Wasnik's group allegedly ran an unauthorized platform called "Ether Trade Asia," promoting it through seminars with misleading claims of high returns on investments purportedly made in Ethereum via a fraudulent binary commission scheme. The collected funds were reportedly used for personal assets, including movable and immovable properties, and to purchase cryptocurrencies hidden in personal wallets. The ED search resulted in the seizure of documents, digital devices, frozen bank balances worth over Rs. 20 lakh, and digital assets valued at approximately Rs. 43 lakh. This action is part of broader enforcement efforts in India against crypto-related fraud, following other recent busts of large Ponzi and MLM schemes.

(Source：BeInCrypto)