ED Raids Across 3 States in Massive Crypto Investment Fraud; Fake Platforms, Hawala Uncovered

• ED conducted searches on December 18th across Karnataka, Maharashtra, and Delhi in a crypto investment fraud case involving M/s. 4 Bloc Consultants.
• Accused created fake crypto investment platforms mimicking genuine ones, promising astronomical returns to Indian and foreign investors.
• Modus operandi included using celebrity photos without consent, paying initial returns like an MLM scheme, and promoting via social media.
• Proceeds of Crime (POC) were collected in crypto, transferred via Hawala, Accommodation Entries, and P2P crypto, then used to acquire assets in India and abroad.
• The fraud, active since 2015, involved multiple crypto wallets, foreign bank accounts, and entities to hide and utilize POC.

Why It Matters: ED uncovers large-scale crypto investment fraud using fake platforms, Hawala, and P2P transfers across 3 states.