India’s ED Targets $35M Crypto OTC Scam in Money Laundering Probe
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India's Enforcement Directorate has opened a money laundering probe into an alleged $35 million crypto OTC scam after initial loss estimates of $10 million reportedly ballooned to more than $35 million, with three suspects accused of luring investors with fake discounted token allocations. The case underscores rising security risks in crypto OTC markets and reinforces New Delhi's tougher regulatory scrutiny, increasing compliance and enforcement pressure on exchanges, DeFi/DEX participants and token fundraising activities.
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- The Indian authority has unveiled a $35 million crypto OTC scam in a recent investigation.
- A trio allegedly defrauded investors by providing fake promises of discounted tokens.
- The country has strengthened its crypto regulations as scams and hacks continue to surge.
India has tightened its scrutiny over crypto scams and related threats. In the latest development, India’s Enforcement Directorate (ED) launched a money laundering probe into an alleged $35 million crypto over-the-counter (OTC) trading scam. While the crypto OTC scam initially reported the loss of just $10 million, the investigation has now revealed that the suspected fraud may have grown to more than three times the initial amount.
The ED stated that the illegal players lured investors with fake promises of discounted crypto token allocation through OTC deals. But the accused has failed to deliver …
Read The Full Article India’s ED Targets $35M Crypto OTC Scam in Money Laundering Probe On Coin Edition.
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