According to ChainCatcher, the Indian Enforcement Directorate (ED) has conducted searches at 21 locations in Karnataka, Maharashtra, and Delhi, investigating a money laundering case involving fake cryptocurrency investment platforms.
Investigations show that this criminal network operates multiple fake cryptocurrency investment platforms that counterfeit real trading websites, promising unusually high returns to lure local and overseas investors in India. The investigation found that the scammers build trust using celebrity photos and the image of so-called 'cryptocurrency experts,' promoting through social media and paying small returns to early investors to attract larger investments. The proceeds of the crime are laundered through channels such as cryptocurrency wallets, peer-to-peer transfers, shell companies, and underground banks. The law enforcement agency has issued a notice warning investors to stay away from several suspicious websites, including goldbooker.com and cryptobrite.com. This scam group has reportedly been operating since 2015.