Overview
- The Enforcement Directorate conducted searches on December 18 at 21 locations across Karnataka, Maharashtra and Delhi under the PMLA in a case against 4th Bloc Consultants and associates.
- Officials say the operation identified several crypto wallet addresses and some movable and immovable properties allegedly derived from the proceeds in India and abroad.
- According to the agency, the accused built fake cryptocurrency investment platforms that mimicked legitimate sites, promised quick high returns, and used images of crypto experts and celebrities without consent.
- The network allegedly ran a referral-driven Ponzi model with early payouts, social media promotions on Facebook, Instagram, WhatsApp and Telegram, and fund movements through hawala channels, shell firms, P2P transfers and foreign bank accounts.
- Republic World reported that the ED has associated about 26 domains with the scheme, with the investigation and asset tracing continuing.