Bank

The Enforcement Directorate (ED) has provisionally attached ₹8.46 crore held across 92 bank accounts, including accounts linked to the cryptocurrency exchange CoinDCX and multiple crypto wallets, as part of a major money laundering investigation into large-scale cyber fraud conducted through fake e-commerce platforms and fraudulent mobile applications.
According to an <a href="https://enforcementdirectorate.gov.in/sites/default/files/latestnews/Press%20Release-PAO-%20Cyber%20Fraud%20Case-20.11.2025.pdf" target="_blank" rel="noopener noreferrer nofollow">official release</a> from the ED’s Hyderabad Zonal Office, the action was carried out under the Prevention of Money Laundering Act (PMLA), 2002.&nbsp;
The probe stems from multiple FIRs registered by Kadapa Police under Section 420 of the IPC and Sections 66-C and 66-D of the IT Act, with additional FIRs surfacing from several states as authorities uncovered a nationwide network of digital investment scams.
Investigators said the fraudsters lured victims through WhatsApp and Telegram groups, along with mass SMS campaigns, promising high commissions for part-time job tasks or lucrative earnings from online investment apps.&nbsp;
Popular scam fronts included the NBC App, Power Bank App, HPZ Token, RCC App, Making App, and numerous similar platforms.
Victims were instructed to deposit money into app wallets via UPI payments to bank accounts and VPA IDs linked to shell firms. To build trust, small returns were initially credited to users’ bank accounts.&nbsp;
However, once larger sums were deposited, withdrawal attempts failed. Victims who sought help were told to pay additional “taxes” or “regulatory charges,” after which the scammers disappeared and the apps went offline.
The ED estimates that ₹285 crore in proceeds of crime flowed through more than 30 bank accounts used briefly, often for just 1–15 days, before being rapidly transferred to over 80 additional accounts to evade detection.&nbsp;
A substantial portion of the funds was converted into <a href="https://hash.media/hashdesk/gen-z-now-indias-largest-crypto-investor-group-coinswitch/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> or moved through hawala networks. The probe revealed that scamsters routinely purchased USDT (Tether) on Binance’s P2P marketplace using third-party payments from crime proceeds.&nbsp;
Sellers on WazirX, Buyhatke, and CoinDCX allegedly took advantage of price gaps by buying USDT cheaply and selling it at slightly higher rates, accepting non-KYC-verified transfers. The ED found that USDT worth ₹4.81 crore was converted via CoinDCX using unverified accounts.
The investigation is ongoing, the agency said.
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ED attaches ₹8.46 crore in cyber scam tied to Crypto accounts

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