Citing Crypto.News, India’s Enforcement Directorate (ED) conducted raids at 21 locations in Karnataka, Maharashtra, and Delhi on Dec. 18, targeting 4th Bloc Consultants over a decade-long cryptocurrency Ponzi scheme. The group allegedly operated fake platforms mimicking real exchanges, used stolen images of crypto experts, and paid small returns to early investors. Funds were laundered through crypto wallets, shell companies, hawala channels, and foreign accounts. The scheme reportedly used social media to recruit members and expand internationally. Authorities seized digital wallets, properties, and assets linked to the alleged fraud.
India's ED Raids 21 Sites in Decade-Long Crypto Ponzi Scheme Probe
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Summary
India’s Enforcement Directorate (ED) raided 21 locations in Karnataka, Maharashtra, and Delhi on Dec. 18, probing 4th Bloc Consultants for a long-term crypto Ponzi scheme. The group allegedly ran fake platforms, used stolen images of experts, and paid small returns to early investors. Funds were laundered via crypto wallets, shell firms, hawala, and foreign accounts. The scheme used social media to recruit members and expand globally. Authorities seized digital wallets, properties, and assets linked to the alleged fraud.
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