ED cracks down on major crypto scam across 3 states

Business Dec 23, 2025

The Enforcement Directorate (ED) just raided 21 spots in Delhi, Maharashtra, and Karnataka, going after a big crypto investment scam.
Investigators say fake platforms were set up to look like legit ones, luring people in with promises of high returns—some even used unauthorized photos of crypto experts to seem trustworthy.

How the scam worked—and where the money went

Scammers paid early investors to draw in more people and hyped things up on social media with referral bonuses.
The ED found properties and crypto wallets tied to those involved.
Turns out, the money trail led overseas through shady channels like hawala, and this scheme has been running since 2015—targeting folks both in India and abroad.