The Enforcement Directorate, Hyderabad, has provisionally frozen ₹8.46 crore held in 92 bank accounts, including those linked to CoinDCX and several cryptocurrencies, as part of its investigation into a nationwide cyber fraud racket built on fake e-commerce platforms and money-making mobile apps.
The case stems from several FIRs registered by the Kadapa police as violations of the IT and Cheating Act, which later linked to several similar complaints across the country. Investigators found that the scam network operated through fake investment and part-time job apps such as NBC App, Power Bank App, HPZ Token, RCC App and Making App, all of which promised high commissions for simple online tasks.
According to the ED, fraudsters targeted individuals through WhatsApp and Telegram groups and through bulk SMS campaigns. Victims were asked to deposit money into app wallets, usually through UPI payments to accounts linked to fictitious businesses. Small profits were initially attributed to building trust, then victims invested larger sums. Once the money accumulated, withdrawals failed and victims were told to pay additional tax or regulatory clearance fees. The platforms eventually crashed or disappeared, leaving users locked out without support.
The agency said proceeds of crime amounting to ₹285 crore were routed through more than 30 primary bank accounts that were kept active for only a short time before the funds were moved to more than 80 secondary accounts. Part of the amount was converted into cryptocurrency or diverted through hawala networks. The trace showed frequent purchases of USDT on Binance through peer-to-peer trades using third-party transfers originating from fraud proceeds. Sellers on platforms like WazirX, Buyhatke and CoinDCX allegedly sold USDT to scam operators at a slightly higher margin while accepting unverified payments. The ED also found that USDT worth ₹ 4.81 crore was transferred through CoinDCX using non-KYC accounts.
Published – 20 Nov 2025 20:35 IST
