Svmuu News: On July 18–19, the Bangalore Branch of India’s Enforcement Directorate conducted raids on multiple locations involved in a case under the Prevention of Money Laundering Act (PMLA) to investigate a virtual asset over-the-counter (OTC) trading fraud targeting overseas investors.
The criminal syndicate used private social media channels to claim they could supply tokens such as MultiversX, Kava, BEAM, GRASS, SUI, VANA, and AGLD at discounted prices, thereby luring foreign investors to invest funds. The total amount involved in the case is approximately $35 million, and the case was initially reported and filed by a Dutch entity. During this operation, law enforcement seized electronic devices, wallet credentials, and cryptocurrency assets worth 8,700 USDT related to the case. Authorities are continuing to expand their investigation and uncover the full scope of the criminal network.