ED Raids Cryptocurrency Scam Worth ₹260 Cr Across India
ByAinvest
Wednesday, Aug 6, 2025 9:14 am ET1min read
AMZN--
The fraudsters allegedly posed as customer support executives from Microsoft and Amazon, threatening victims with arrest to extract money. The illicit funds were converted into cryptocurrencies and laundered through hawala channels and individuals in the UAE [1]. The ED has traced around ₹260 crore in Bitcoins, which were later converted into USDTs and liquidated through hawala operators in the UAE [1].
This case comes amid a surge in crypto-related cyberattacks globally. According to PeckShield, July 2025 saw a 27.2% increase in crypto hack losses compared to June 2025, with hackers stealing about $142 million across 17 major incidents [2][3]. The increase underscores the persistent vulnerabilities in digital asset platforms and the sophistication of cybercriminal tactics.
The ED's action follows a series of high-profile crypto fraud cases, including the $4.7 million Coinbase spoofing case and the BitConnect and GainBitcoin scams, which have led to intensified enforcement against crypto fraud [3]. The ED has seized digital assets worth approximately $198 million linked to the BitConnect scam and $2.88 million in the GainBitcoin scam [3].
The increasing frequency and magnitude of crypto scams highlight the need for stronger security protocols and regulatory frameworks to address the escalating risks in the crypto industry. The ED's action serves as a reminder of the importance of vigilance and due diligence in the face of evolving cyber threats.
References:
[1] https://timesofindia.indiatimes.com/india/fake-cops-money-laundering-via-crypto-ed-raids-11-locations-all-you-need-to-know-about-rs-260cr-global-cyber-fraud/articleshow/123133744.cms
[2] https://cryptonews.com/news/indian-enforcement-directorate-raids-several-cities-in-29m-crypto-fraud-ring/
[3] https://www.ainvest.com/news/july-2025-crypto-hack-losses-rise-27-2-142-million-2508/
MSFT--
The Enforcement Directorate in India raided 11 locations across multiple cities in connection with a ₹260 crore global cryptocurrency scam. The investigation targeted a cyber fraud network that posed as tech support agents for major firms. The accused deceived victims by impersonating customer support executives and threatened to arrest them to extract money. The extracted money was allegedly converted into cryptocurrencies. Crypto scams have been rapidly increasing globally, with a 27.2% increase in July 2025 compared to June 2025, resulting in hackers stealing about $142 million in 17 major cases.
The Enforcement Directorate (ED) in India has conducted raids across 11 locations in Delhi, Noida, Gurugram, and Dehradun in connection with a ₹260 crore global cryptocurrency scam. The investigation, launched under the Prevention of Money Laundering Act (PMLA), targeted a cyber fraud network that impersonated tech support agents for major firms [1].The fraudsters allegedly posed as customer support executives from Microsoft and Amazon, threatening victims with arrest to extract money. The illicit funds were converted into cryptocurrencies and laundered through hawala channels and individuals in the UAE [1]. The ED has traced around ₹260 crore in Bitcoins, which were later converted into USDTs and liquidated through hawala operators in the UAE [1].
This case comes amid a surge in crypto-related cyberattacks globally. According to PeckShield, July 2025 saw a 27.2% increase in crypto hack losses compared to June 2025, with hackers stealing about $142 million across 17 major incidents [2][3]. The increase underscores the persistent vulnerabilities in digital asset platforms and the sophistication of cybercriminal tactics.
The ED's action follows a series of high-profile crypto fraud cases, including the $4.7 million Coinbase spoofing case and the BitConnect and GainBitcoin scams, which have led to intensified enforcement against crypto fraud [3]. The ED has seized digital assets worth approximately $198 million linked to the BitConnect scam and $2.88 million in the GainBitcoin scam [3].
The increasing frequency and magnitude of crypto scams highlight the need for stronger security protocols and regulatory frameworks to address the escalating risks in the crypto industry. The ED's action serves as a reminder of the importance of vigilance and due diligence in the face of evolving cyber threats.
References:
[1] https://timesofindia.indiatimes.com/india/fake-cops-money-laundering-via-crypto-ed-raids-11-locations-all-you-need-to-know-about-rs-260cr-global-cyber-fraud/articleshow/123133744.cms
[2] https://cryptonews.com/news/indian-enforcement-directorate-raids-several-cities-in-29m-crypto-fraud-ring/
[3] https://www.ainvest.com/news/july-2025-crypto-hack-losses-rise-27-2-142-million-2508/
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