According to ChainCatcher, the Indian Enforcement Agency (ED) conducted raids at 21 locations in Karnataka, Maharashtra, and Delhi in an investigation into a money laundering case involving a fake cryptocurrency investment platform.
Investigations have revealed that this criminal network operated multiple fake cryptocurrency investment platforms masquerading as legitimate trading websites, promising unusually high returns to lure investors from both India and overseas. The investigation found that scammers used celebrity photos and the persona of so-called "cryptocurrency experts" to build trust, promoted their schemes through social media, and paid small returns to early investors to attract larger investments. The proceeds were laundered through cryptocurrency wallets, peer-to-peer transfers, shell companies, and underground banks. Law enforcement has issued a warning to investors to stay away from several suspicious websites, including goldbooker.com and cryptobrite.com. This fraud ring is alleged to have been operating since 2015.
