ED Cracks Down on Global Crypto Scam worth over Rs 45 Crore

The Enforcement Directorate (ED) has launched a crackdown on an international cryptocurrency scam that allegedly siphoned off over Rs 45 crore from investors.

According to sources, the scheme was operated by 'Global Media App', which promised daily passive income to victims in exchange for watching videos and paying for VIP membership plans. The app was designed as a Ponzi-like structure, where early investors were paid with money from later victims.

The ED has attached assets worth Rs 1.06 crore as part of the ongoing investigation under the Prevention of Money Laundering Act (PMLA). The agency's analysis of financial transactions and blockchain transfers revealed that the scam had a complex layering process to hide the money trail, with fraudsters using 'mule accounts' to funnel funds through payment gateways.

The ED has also identified a significant digital currency component in the scam, with approximately Rs 2.45 crore collected directly from victims in the form of USDT (Tether) tokens via the TRON blockchain before being moved to foreign cryptocurrency exchanges.

While the investigation is ongoing, the agency has confirmed that the total proceeds of crime generated by the fraud amount to approximately Rs 45.33 crore. Efforts are being made to trace the remaining Rs 44 crore and identify the end recipients on foreign exchanges.