₹260 Crore Crypto Scam Busted: ED Cracks Down on Fake Tech Support Syndicate

The Enforcement Directorate (ED) has launched a major crackdown in a ₹260 crore crypto scam that has shaken both domestic and international victims. On 6 August, ED officials carried out raids at 11 different locations across Delhi, Noida, Gurugram, and Dehradun, unearthing a deep web of cyber fraud that used fake tech support operations as a front.

Posing as representatives from big tech firms like Microsoft and Amazon, the accused ran a sophisticated scam that tricked unsuspecting people into handing over large sums of money. The fraudsters also posed as law enforcement officers, further scaring victims into compliance. What’s more alarming is how these scammers turned the stolen money into cryptocurrency and moved it across digital wallets — making the money trail harder to track.

How the Crypto Scam Unfolded

This elaborate scam didn’t just target locals. Both Indian and foreign nationals were on the hit list. The accused would cold-call victims and pretend to be tech support staff from trusted brands like Amazon and Microsoft. They claimed the victim’s devices were compromised, or that illegal activity had been detected.

Then came the second layer of the con. Posing as police officers or investigative agents, they threatened legal action, arrest, or penalties unless payments were made immediately. Victims, often panicked and unaware, complied.

Most of these payments were converted into crypto assets soon after. That money was then shifted through multiple wallets, making it nearly impossible to trace through traditional banking systems. This clever use of crypto gave the scammers a veil of anonymity — until now.

ED Joins Forces After CBI and Police FIRs

The scam came under the ED’s radar after First Information Reports (FIRs) were filed by both the Central Bureau of Investigation (CBI) and the Delhi Police. These reports painted a picture of a wide-ranging, international cybercrime operation.

Under the Prevention of Money Laundering Act (PMLA), the ED initiated its own investigation. After days of intelligence-gathering and tracking digital wallets, the enforcement agency carried out search operations at 11 premises.

These included luxury apartments, makeshift call centers, and digital storage hubs in Delhi, Gurugram, Noida, and even Dehradun. Several electronic devices, documents, and crypto wallet credentials were seized during the raids.

The Rise of Crypto in Cyber Fraud

The crypto scam crackdown highlights a growing trend — the use of digital currencies in global financial fraud. With crypto offering high speed and relative anonymity, it has become a favorite tool for cybercriminals. This case is not the first where scammers turned stolen funds into cryptocurrency to avoid detection, but it is certainly one of the largest in recent times.

As of now, the estimated fraud value stands at ₹260 crore. Investigators believe this number could rise as more victims come forward.

What Happens Next?

The ED is now analyzing data from confiscated devices and monitoring wallet movements to identify the masterminds behind the operation. More arrests are expected in the coming days.

This crypto scam crackdown is likely to have ripple effects across India’s cybersecurity and crypto compliance sectors. Regulators may push for tighter Know-Your-Customer (KYC) rules and stricter oversight of crypto transactions.

While many celebrate the freedom and innovation that cryptocurrency brings, this incident serves as a cautionary tale. The same tools that enable fast, borderless payments can also be exploited for fraud if safeguards are weak.

Final Thoughts

As this case unfolds, it’s clear that enforcement agencies are becoming more tech-savvy in tracking down digital fraud. But for every scam that gets caught, there are more in the pipeline. Staying alert, double-checking support calls, and avoiding financial decisions under pressure are essential first steps for consumers.

The crypto scam crackdown is far from over — but this is a step in the right direction.

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