India seizes $401K in crypto in online fraud probe

India's Enforcement Directorate (ED) has seized 33.5 million rupees ($401,000) in cryptocurrency and 1.45 million rupees in cash as part of a money laundering investigation into online investment and work-from-home scams, The New Indian Express reported. Authorities also froze bank accounts containing over 4 million rupees. The agency conducted raids at 19 locations, including in Tamil Nadu, on July 10-11, securing documents, digital devices, and bank records. The investigation found that a cyber fraud ring defrauded victims of 149.5 million rupees by promising high returns through fake investment platforms and remote job offers. The funds were then laundered through multiple mule accounts and shell companies, converted into cryptocurrency, and distributed across various wallets to conceal the money trail.