Indian Authorities Uncover Decade-Long Crypto Fraud Scheme
India's Enforcement Directorate has dismantled a sophisticated crypto Ponzi scheme operating since 2015. Raids across 21 locations in Karnataka, Maharashtra, and Delhi targeted 4th Bloc Consultants, whose fraudulent platforms mimicked legitimate exchanges with fabricated dashboards and transaction histories.
The operation preyed on both domestic and international investors through social media recruitment, recycling new deposits to pay earlier participants. Investigators traced laundered proceeds through cryptocurrency wallets to assets acquired in India and abroad.
This case underscores the persistent challenge of crypto-related financial crimes in emerging markets, where regulatory frameworks remain in development. The decade-long operation demonstrates how sophisticated actors exploit the pseudonymous nature of blockchain transactions.
