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BTC The Indian Law Enforcement Agency seizes cryptocurrency and freezes funds related to online investment fraud and home work scams
The Indian Law Enforcement Agency recently seized cryptocurrency worth approximately 33.5 million rupees (approximately US$390,000) and froze bank account balances related to an online investment fraud and home work scam. This is the latest move by Indian authorities in their fight against cryptocurrency-related crimes and money laundering.
How does the Law Enforcement Bureau track cryptocurrency fraud funds?
Between July 10 and 11, the Indian Law Enforcement Agency (ED) conducted searches on 19 sites, 16 of which were in Tamil Nadu, 2 in Kerala, and 1 in Srinagar. Cryptocurrency worth approximately 33.5 million rupees (approximately 390,000 US dollars) was seized during the operation. In addition to digital assets, investigators also seized 1.45 million rupees (approximately US$17,300) in cash and frozen accounts holding more than 4 million rupees (approximately US$46,500) in funds.
The investigation originated from two police reports in Tamil Nadu and Telangana. The Enforcement Bureau said unidentified online fraudsters used false investments and high returns as bait and used fraudulent home-work scams to defraud victims of 14.95 million rupees (approximately $1.55 million). The proceeds of the fraud were immediately laundered through multiple "puppet" bank accounts and shell companies, allegedly operated by Roshan Fiaz and his associates. The funds are then converted into cryptocurrency and transferred through multiple digital wallets to conceal the flow of funds.
The investigation found that some accounts that received fraudulent funds were opened shortly before the funds were received and closed soon after the funds were transferred out. The Law Enforcement Bureau also found that 80,000 rupees (approximately US$830) were transferred to RK Electric Company, which is associated with Fiazz, while other funds involved were transferred through Balmanii Oil Store and Agents, JK Shoes, Team Well Engineering and other companies.
During the search, the Law Enforcement Bureau seized and seized relevant criminal documents, digital devices, mobile phones, laptops, bank records, company registration documents, and details of cryptocurrency wallets and exchange accounts. No arrests have been announced in the case and the investigation is still ongoing.
Is India serious about fighting cryptocurrency crimes?
Prior to the seizure, it was previously reported that the Law Enforcement Bureau launched a larger operation in Bangalore, searching six locations related to five cash payment companies, including Transak and Buyhatke, the parent company of Onramp.money. These companies are suspected of violating the Foreign Exchange Management Act by making unauthorized cross-border transfers of more than 2,50 billion rupees (approximately 2.62 billion US dollars). Investigators froze about 600 million rupees (about US$6.3 million) in funds in the case.
Earlier, in December 2025, the Law Enforcement Bureau searched 21 locations in Karnataka, Maharashtra and Delhi. The investigation involves the Prevention of Money Laundering Act and targets fake trading websites that use celebrity images and promise high returns. The operation found that the criminal network, believed to have been operating since at least 2015, was transferring illegal funds through cryptocurrency wallets, shell companies, peer-to-peer transfers and hawala channels.
A month later, the Law Enforcement Bureau reportedly arrested two men in Gujarat in connection with the BitConnect fraud. The case involved thousands of bitcoins, extortion and the recovery of 217 billion rupees (approximately US$225 million) from a main defendant.
