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ED Raids 11 Sites in Rs 260 Crore Crypto Laundering Probe as Faridabad Police Arrest Two

Operations build on expanded PMLA powers to disrupt money laundering via coordinated multiagency action targeting mule accounts, crypto transfers, fake apps, call centre fronts

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Photo: IANS
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Overview

  • The Enforcement Directorate executed Prevention of Money Laundering Act searches at 11 premises across Delhi, Noida, Gurugram and Dehradun in a probe into a syndicate that channelled roughly Rs 260 crore into Bitcoin and USDT through hawala networks.
  • Faridabad Police detained Madhya Pradesh residents Sukhdev Kumar and Siddharth Singh for their alleged roles in a Rs 49.48 lakh stock market fraud that routed victim investments through mule bank accounts.
  • Law enforcement agencies have registered FIRs under key sections of the Bharatiya Nyaya Sanhita and the Information Technology Act to facilitate asset freezes, cross-state cooperation and expedited prosecutions.
  • State home department figures show Madhya Pradesh victims lost over Rs 1,054 crore to cyber scams between May 2021 and July 2025, underscoring the scale and persistence of online financial fraud.
  • Investigators have traced complex rings using bogus trading apps, romance and honeytrap lures, fake legal services and VoIP call centres to ensnare targets and launder proceeds into cryptocurrency wallets.