The Enforcement Directorate (ED) of India raided 21 locations in Karnataka, Maharashtra, and New Delhi, uncovering a network of fake cryptocurrency investment platforms in a money laundering investigation.
This group is accused of operating since 2015, using images of celebrities and fake trading websites promising high returns to lure investors in India and abroad, then laundering money through various channels, including cryptocurrency wallets and P2P transfers.
MAIN CONTENT
ED searched 21 locations in 3 areas in India in the cryptocurrency-related money laundering case.
The network is accused of operating since 2015, using fake websites and celebrity images to lure individuals.
The money was laundered through cryptocurrency wallets, P2P, shell companies, and underground banks; there are official investment warnings.
What did ED discover during the search?
ED conducted raids at 21 residential and office locations in Karnataka, Maharashtra, and New Delhi to investigate money laundering and uncover a network of fake cryptocurrency investment platforms.
According to the information published on 24/12, the investigation focuses on websites and models soliciting investment with promises of high returns. The group is accused of creating fake trading pages, combining images of celebrities to increase credibility and attract victims in India and the international market.
The mentioned websites include goldbooker.com and cryptobrite.com. Authorities stated that they have issued official investment warnings related to these platforms amid the investigation.
What channels were used for laundering?
ED stated that the cash flow was laundered through cryptocurrency wallets, P2P transfers, shell companies, and underground banks, creating multiple layers of intermediaries to conceal the source.
The network is accused of operating since 2015 and using various transfer routes to disperse and legitimize the cash flow after raising funds from investors. This structure combines both online infrastructure (cryptocurrency wallets, P2P) and real-world entities (shell companies, underground banks) to make tracing difficult.
The case shows the risks for participants in cryptocurrency investments when relying on promises of high returns and vague promotional signs, especially when the platform operates with fake websites and exploited celebrity images.
Source: https://tintucbitcoin.com/canh-sat-an-do-pha-mang-rua-tien-crypto/
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