The Enforcement Directorate in Hyderabad has provisionally attached ₹8.46 crore held across 92 bank accounts, including those linked to CoinDCX and several crypto wallets, as part of its investigation into a nationwide cyber fraud racket built on fake e-commerce platforms and money-making mobile applications.
The case stems from multiple FIRs registered by Kadapa Police under cheating and IT Act offences, which later connected to several similar complaints across the country. Investigators found that the fraud network operated through bogus investment and part-time job apps such as the 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, the fraudsters targeted individuals through WhatsApp and Telegram groups and through bulk SMS campaigns. Victims were asked to deposit money into app wallets, usually via UPI payments to accounts linked to shell firms. Small profits were initially credited to build confidence, after which victims invested larger sums. Once the money accumulated, withdrawals failed and victims were told to pay additional charges for taxes or regulatory clearances. The platforms eventually crashed or vanished, leaving users locked out with no support.
The agency said the proceeds of crime amounting to ₹285 crore were routed through more than 30 primary bank accounts that were kept active only for short periods before funds were moved to over 80 secondary accounts. Part of the amount was converted into cryptocurrency or channelled through hawala networks. The trail showed frequent purchases of USDT on Binance through peer-to-peer deals using third-party transfers sourced from the fraud proceeds. Sellers on platforms such as WazirX, Buyhatke and CoinDCX allegedly sold USDT to the scam operators at slightly higher margins while accepting unverified payments. The ED also found that USDT worth ₹4.81 crore was converted through CoinDCX using non-KYC accounts.
Published – November 20, 2025 08:35 pm IST
