Overview

• The syndicate used social media platforms to lure victims with fake investment opportunities, promising high returns.
• Funds from scams were laundered through shell companies and converted into cryptocurrency to obscure origins.
• Scammers employed a 'digital arrest' tactic, posing as law enforcement to extort money from victims under threat of arrest.
• The ED's investigation led to the arrest of eight individuals and the freezing of significant assets linked to the fraud.
• India's Cyber Crime Coordination Centre has issued advisories to warn the public against these sophisticated scams.