New Delhi [India], August 6 (HBTV): The Enforcement Directorate (ED) on Wednesday carried out search operations at 11 locations across Delhi, Noida, Gurugram, and Dehradun in connection with a major global cyber fraud case involving illegal cryptocurrency transactions and international money laundering worth INR 260 crore.

The investigation, initiated under the provisions of the Prevention of Money Laundering Act (PMLA), is based on First Information Reports (FIRs) registered by the Central Bureau of Investigation (CBI) and Delhi Police.

Officials said the fraudsters targeted both Indian and foreign nationals by impersonating police officers or other law enforcement personnel. ‘Victims were threatened with arrest and coerced into transferring their money,’ the officials said.

In several cases, the accused also posed as technical support agents from companies like Microsoft and Amazon to deceive individuals and gain access to their funds.

‘The ill-gotten gains were allegedly converted into cryptocurrencies, primarily Bitcoins, and then transferred to various accused individuals,’ the agency said.

The ED investigation has so far revealed that the accused amassed over INR 260 crore in Bitcoins, which were stored in multiple crypto wallets. These digital assets were later liquidated by converting them into USDTs (Tether) and funnelled through a network of hawala operators and individuals based in the United Arab Emirates.

Further investigation is underway to trace additional beneficiaries and recover the proceeds of crime.

(ANI)