CBI Uncovers Rs 350 Crore Crypto Ponzi Scam: Nationwide Raids Conducted

The CBI has uncovered a Rs 350 crore crypto ponzi scheme involving seven accused persons across multiple Indian cities. These individuals allegedly ran separate schemes, promising high returns through cryptocurrency investments. The agency seized significant cash, digital assets, and incriminating evidence during the raids spanning several states.

The Central Bureau of Investigation (CBI) has launched a sweeping crackdown on a massive Rs 350 crore crypto ponzi scam, executing search operations across seven locations in India, officials disclosed on Friday.

Both in the capital, Delhi, and other cities like Hazaribag, Bathinda, Ratlam, Valsad, Pudukkottai, and Chittorgarh, the accused were reportedly managing different modules, luring investors with false promises of cryptocurrency investments, according to officials.

During the raids, the CBI seized digital virtual assets worth approximately USD 38,414 stored in cryptocurrency wallets. Their operation yielded Rs 34.2 lakh in cash and significant digital evidence, including new data mined from seized mobile devices, laptops, and memory cards.

(With inputs from agencies.)