New Delhi, Aug 6 || The Enforcement Directorate (ED) on Wednesday conducted raids at 11 locations in the national capital and three states in connection with a global cyber fraud case involving Rs 260 crore.
The ED conducted the raids under the Prevention of Money Laundering Act based on FIRs registered by the Delhi Police and the Central Bureau of Investigation.
The raids were taking place in Noida, Gurugram, Dehradun, and Delhi
The fraudsters cheated foreign and Indian nationals by posing as police or investigating officers, and extorted money after threatening them with the consequences of arrest.
The accused also impersonated Microsoft or Amazon tech support service agents and duped the victims.
The monetary assets of the victims were converted into cryptocurrencies, which were further transferred to the accused persons.
The accused accrued Rs 260 crore in the form of Bitcoins in multiple crypto-wallets, which were further liquidated into cash through conversion into USDTs through multiple hawala operators/individuals in the UAE.