CBI Raids Across Seven States Unearth Rs. 350 Crore Crypto Transactions Linked to Ponzi Schemes

Ahmedabad: The Central Bureau of Investigation (CBI) conducted raids across seven states, including Gujarat, Delhi, Jharkhand, Punjab, Madhya Pradesh, Tamil Nadu, and Rajasthan, in connection with a Ponzi scheme involving cryptocurrency transactions worth Rs. 350 crore.

The raids were conducted at 10 locations, resulting in the seizure of Rs. 34.2 lakh in cash, USD 38,414 (approximately) in digital virtual assets, and various incriminating digital evidence such as mobile phones, laptops, tablets, hard disks, pen drives, memory cards, SIM cards, and ATM/debit cards.

The investigation revealed that the accused were operating Ponzi schemes under the guise of cryptocurrency investments, promising high returns to lure investors. These schemes were promoted through various social media groups. The accused were also found to be converting illegal income into cryptocurrency.

The CBI’s investigation was triggered by inputs from the Federal Bureau of Investigation (FBI) in September 2024, which led to the identification of call centers operating in Ahmedabad, Pune, Hyderabad, and Visakhapatnam. The Delhi Cyber Crime Unit had received complaints about these schemes, alleging that the accused were running Ponzi and fraudulent schemes by promising high returns on cryptocurrency investments.

The investigation revealed that the accused were using multiple bank accounts and virtual digital asset (VDA) wallets with cryptocurrency exchanges like CoinDCX, WazirX, Zebpay, and BitBns. Transactions worth over Rs. 350 crore were identified in these accounts and wallets over a two-year period.

The accused allegedly defrauded investors by luring them with promises of online loans, lucky draws, UPI scams, and internet banking frauds.