CBI Cracks Down on Digital Currency Ponzi Schemes

The Central Bureau of Investigation has arrested seven individuals involved in a crypto Ponzi scheme totaling Rs 350 crore. Searches across seven states yielded Rs 34 lakh in cash and digital assets worth USD 38,414. The accused duped victims with false investment promises in unregulated cryptocurrency schemes.

The Central Bureau of Investigation (CBI) has intensified its crackdown on a massive digital currency Ponzi scheme, booking seven individuals with fraudulent activities amounting to Rs 350 crore. The accused promised high returns through illicit cryptocurrency ventures, ensnaring countless investors.

CBI executed search operations at 10 locations across seven states and union territories, unveiling incriminating evidence. The raids led to the recovery of Rs 34 lakh in cash and digital virtual assets worth approximately USD 38,414, discovered in cryptocurrency wallets. The agency seized mobile devices, laptops, hard drives, and crucial financial documents to aid the investigation.

Key findings reveal that the accused manipulated cryptocurrency transactions to conceal illicit gains. Their modus operandi included attracting investors through deceptive social media campaigns, leading to significant cryptocurrency wallet transactions worth over Rs 350 crore. The ongoing investigation continues to expose the scope of this financial scandal.

(With inputs from agencies.)