The Directorate of Enforcement (ED), conducted search operations at 21 premises across Karnataka, Maharashtra and Delhi on December 18 in connection with a large-scale cryptocurrency investment fraud case in Karnataka.
The searches were carried out under the provisions of the Prevention of Money-Laundering Act (PMLA), 2002, in the case registered against 4th Bloc Consultants and other accused.
Residential and office premises of the accused and their associates were searched, ED said on Monday.
According to the agency, the action followed a preliminary investigation based on an FIR and inputs shared by the Karnataka State Police, which alleged an organised financial fraud involving cryptocurrency-based investment platforms.
The accused are alleged to have targeted Indian citizens as well as foreign nationals, collecting funds under the guise of high-return investments, primarily in the form of virtual assets.
