India’s Enforcement Directorate (ED) has initiated a money laundering investigation into an alleged over-the-counter (OTC) cryptocurrency investment scam involving approximately $35 million. The agency claims that the accused utilized Telegram groups, in-person meetings, and fraudulent credentials to lure investors.
The ED stated that investors were promised discounted token offerings, but the accused failed to deliver the tokens as promised. This investigation follows searches conducted on July 18 and 19, which resulted in the seizure of digital assets and other related materials.
The involvement of Telegram groups and the use of false credentials have raised concerns about the security of OTC crypto investments in India. The ED’s actions reflect a broader scrutiny of cryptocurrency practices in the country.
As the investigation progresses, the ED aims to uncover further details regarding the operations of the alleged scam and the extent of financial losses incurred by investors.
