Hyderabad: ED attaches Rs 8.46 crore in cyber fraud probe
The Enforcement Directorate in Hyderabad provisionally attached Rs 8.46 crore across 92 bank accounts, including crypto-linked CoinDCX wallets, in a nationwide cyber fraud probe. The scam involved fake investment and e-commerce apps
Hyderabad: Enforcement Directorate (ED), Hyderabad officials have provisionally attached Rs 8.46 crore across 92 bank accounts, including those linked to crypto platforms such as CoinDCX, as part of a major money laundering investigation into large-scale cyber fraud carried out through fake e-commerce and investment applications.
The probe, initiated on the basis of multiple FIRs filed by Kadapa Police uncovered a nationwide network of fraud involving deceptive part-time job schemes and bogus investment apps.
According to the ED officials, fraudsters lured victims via WhatsApp, Telegram, and bulk SMS campaigns, promising quick earnings and high commissions. Users were asked to deposit money into app wallets through UPI payments linked to shell entities.
“Small initial profits were credited to win trust, after which larger deposits were taken, but withdrawals consistently failed. The apps later crashed, websites disappeared and support teams vanished, leaving victims stranded,” the ED officials said.
The agency estimates that the fraud generated Rs 285 crore, routed through over 30 primary bank accounts that remained active only for a few days before funds were quickly diverted to more than 80 secondary accounts. A sizeable share of these proceeds was allegedly converted into cryptocurrency or channeled through ‘hawala’ networks as well.
ED’s money trail analysis further found that scammers frequently bought USDT (Tether) on Binance P2P using third-party payments. Sellers reportedly sold USDT at slightly higher margins, accepting payments originating from crime proceeds. The agency also flagged non-KYC CoinDCX accounts used to convert Rs 4.81 crore worth of USDT through unverified third party transfers.
Further investigation is under way.
