ED conducts searches across three States in ₹600-crore cryptocurrencies conversion case

The Enforcement Directorate (ED) has conducted searches in Delhi, Jaipur, and Mumbai, in connection with the alleged conversion of cryptocurrencies worth about ₹600 crore at various Indian crypto exchanges and subsequent transfer of funds to the beneficiaries. The “fraudsters” used spoofed websites to cheat people.
The searches were carried out under the Foreign Exchange Management Act. The ED probe is based on a newspaper report that an Indian national named Chirag Tomar was undergoing prison sentence in the United States for stealing over $20 million from hundreds of victims through the use of fake or spoofed websites mimicking the cryptocurrency exchange website, Coinbase.