By Admin 
The ED team of Hyderabad has taken major action in the ongoing cyber fraud case through fake e-commerce sites and fake mobile apps. ED has attached Rs 8.46 crore linked to 92 bank accounts, which also include CoinDCX and some crypto wallets. This action has been taken under PMLA law.
ED’s investigation revealed that many FIRs were registered across the country, in which a large network of online fraud came to light. Scammers used to contact people through WhatsApp, Telegram and SMS and promise to earn money in the name of part-time job, investment app or e-commerce task. People were asked to create accounts on fake platforms like NBC App, HPZ Token, RCC App, Power Bank App, Making App. Initially, a little amount of money was returned to build trust, but when people deposited more money, withdrawals started failing.
Used to threaten users
Fraudsters used to ask users to pay tax or other fees. If there was no money, the app and website would suddenly shut down. Accounts would get deactivated and support numbers would disappear. Investigation revealed that Rs 285 crore was earned from this scam. This money was first deposited in more than 30 bank accounts. Then within 1 to 15 days it was sent to more than 80 other accounts so that it could not be caught. A lot of money was converted into cryptocurrencies, especially USDT (Tether) and some money was transferred to India through Hawala.
method of scammers
ED says that the scammers used to buy USDT on Binance P2P and third-party payments were used in this. The investigation also found that USDT worth Rs 4.81 crore was purchased through CoinDCX from accounts without KYC. The ED investigation is still going on.
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