Directorate of Enforcement, Hyderabad Zonal Office, attached Rs 8.46 Crore held across 92 bank accounts. The action covers accounts linked to CoinDCX and several crypto wallets. The attachment was issued under PMLA in an ongoing probe into large-scale cyber fraud through fake e-commerce platforms and money-making applications.
The probe started after Kadapa Police filed multiple FIRs under IPC 420 and Sections 66-C and 66-D of the IT Act. These FIRs exposed similar fraud cases in other states. The scams operated through fake investment and part-time job apps such as NBC App, Power Bank App, HPZ Token, RCC App and Making App.
Investigators found that fraud groups targeted users on WhatsApp, Telegram and through bulk SMS. People were directed to register on fake platforms and perform simple tasks. Small rewards were credited in the beginning to gain trust. Users were then asked to deposit larger amounts through UPI to bank accounts linked to shell entities. Once deposits increased, withdrawal attempts failed.
Victims who sought support were told to pay extra charges for taxes or clearance. Even after paying, withdrawals did not work. Apps shut down, websites disappeared and customer support stopped responding. Users were pushed to bring in new members with the promise of better earnings.
The crime generated Rs 285 Crore. The money moved through more than 30 primary accounts for short periods before being shifted to over 80 other accounts. A major portion went into cryptocurrency or hawala channels.
Analysis shows the groups purchased USDT on Binance P2P through third-party payments from crime proceeds. Sellers on platforms such as WazirX, Buyhatke and CoinDCX sold USDT at slightly higher rates after receiving these payments. Investigators also found USDT worth Rs 4.81 Crore was converted through CoinDCX using non-KYC accounts and unverified payments.
The investigation continues.
Mohammed Naseer Giyas is a multi-media and bilingual journalist with over 20 years of experience across print, digital, and television media. Founder of Raftaar-e-Deccan, he is an alumnus of IVLP, Thomson Reuters Foundation, and ICFJ, and has worked with leading English and Urdu news organisations.
