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The Enforcement Directorate (ED) is investigating a Bengaluru-based crypto influencer in connection with an alleged Rs. 300 crore investment scam. The investigation has led the agency to uncover a cryptocurrency fraud with an approximate value of USD 35 million, which is more than Rs. 300 crore. The cops have found that all the funds collected through cryptocurrency wallets were channeled to Ravindra K, a Bengaluru-based person who seems to be the mastermind of this scam.
The investigation began after South Andaman Police Station’s cybercrime section received an FIR from a Dutch entity. According to the investigators, the accused used to lure the victims into high-value OTC cryptocurrency deals and promise them popular virtual digital assets, including MultiverseX, Kava, BEAM, GRASS, SUI, VANA and AGLD. The initial transactions felt legit to build trust; after a while, the accused stopped delivering the promised tokens after receiving millions of dollars in investments.
Aside from Ravindra K, ED has also mentioned the names of Mohammed Waseem, Saurabh Diwan and Vaibhav Gupta as key accused. The trio reportedly used private Telegram channels, WhatsApp, Instagram, websites, and in-person meetings to gain investor confidence. They used to present themselves as influential people in the crypto industry.
Also Read: How to Spot Crypto Phishing Scams, Fake Apps, and Fraudulent Websites
During July 18 and 19, the agency carried out searches in multiple locations to reveal the fraud. As the search processes progressed, the cops seized digital devices, email records, cryptocurrency wallets, and 8,700 USDT in VDAs, all linked to the scam.
The case comes at a time when financial influencers and crypto creators are under greater watch. Many of them have built large followings online, and their posts can influence investment decisions very quickly.
The latest ED probe shows that authorities are paying closer attention to online investment promotions as crypto-related fraud cases continue to surface.
