The Enforcement Directorate (ED) has launched an investigation into a Bengaluru-based cryptocurrency influencer linked to an alleged Rs 300 crore (approximately $35 million) investment scam. The probe, which began after a Dutch entity filed a complaint with the South Andaman Police cybercrime unit, has uncovered a sophisticated fraud involving cryptocurrency wallets and false promises of high-value digital assets.
According to investigators, the prime suspect, identified as Ravindra K, along with accomplices Mohammed Waseem, Saurabh Diwan, and Vaibhav Gupta, allegedly lured victims through private Telegram channels, WhatsApp, Instagram, and in-person meetings. They presented themselves as influential figures in the crypto space and promised popular virtual digital assets such as MultiverseX, Kava, BEAM, GRASS, SUI, VANA, and AGLD.
Initial transactions were reportedly legitimate to build trust, but after collecting millions of dollars in investments, the accused stopped delivering the promised tokens. The ED conducted searches on July 18 and 19, seizing digital devices, email records, cryptocurrency wallets, and 8,700 USDT in virtual digital assets linked to the scam.
This case comes amid heightened scrutiny of financial influencers and crypto creators, who can rapidly sway investment decisions through their online followings. The ED’s latest probe underscores authorities’ growing focus on online investment promotions as crypto-related fraud cases continue to emerge.
Also read: How to Spot Crypto Phishing Scams, Fake Apps, and Fraudulent Websites.