ED Exposes 26 Fake Crypto Platforms: Flags Fake Websites And Cross-Border Money Trail
The ED has identified 26 fake cryptocurrency trading websites allegedly run by a pan-India syndicate involved in a multi-crore investment scam. The platforms promised high returns, used celebrity images without consent and laundered funds through crypto wallets, layered accounts and hawala channels.
Enforcement Directorate uncovers a network of fake cryptocurrency trading platforms allegedly used to cheat investors across India and abroad | File Photo
Mumbai, Dec 27: The Enforcement Directorate (ED) has identified more than 26 websites allegedly operated by a pan-India syndicate involved in a multi-crore cryptocurrency-based investment fraud, officials said. The agency said the platforms were designed to cheat investors by promising unrealistically high returns while mimicking legitimate cryptocurrency exchanges.
The alleged scam, which targeted both Indian and foreign investors, was uncovered during searches conducted across Maharashtra, Karnataka, and Delhi recently. Investigators said the syndicate created multiple fake cryptocurrency platforms that appeared professional and authentic, making it difficult for ordinary investors to distinguish them from genuine trading portals.
According to the ED, the platforms prominently advertised assured, astronomical returns, a key tactic to lure unsuspecting investors. Promotional material used by the syndicate reportedly featured images of reputed crypto experts, celebrities, and other well known public figures,allegedly used without their consent to project credibility and build trust.
The platform websites allegedly used in the fraud include:
2. wozur.com
6. paymara.com
8. growmore.com
9. bitrobix.com
10. zylotrade.com
12. bitleeds.com
14. fincorp.com
15. theapexpower.com
16. cryptobrite.com
17. goldxcapital.com
18. cubigains.com
19. bitcodeals.com
20. turbominers.com
21. bitminerclub.com
22. primetrades.com
24. hydrominers.com
25. bixotrade.org
26. metaaibox.com
The modus operandi of the alleged platforms, officials said, follows a similar pattern commonly seen in investment scams. Initial investors were allegedly paid limited returns to gain credibility and encourage reinvestment. This phase, they added, resembled a multi-level marketing (MLM) structure, with early participants incentivised to recruit new investors. Once confidence in the scheme was established, larger sums were mobilised, culminating in large-scale fraud.
To widen the reach of the alleged fraud and maximise profits, officials said the syndicate reportedly offered referral bonuses and leveraged social media platforms such as Facebook, Instagram, WhatsApp, and Telegram to involve new participants. This digital strategy, they added, allowed the operators to quickly scale their activities across multiple states and target victims beyond India’s borders.
The ED said funds were primarily collected in cryptocurrency and routed through multiple crypto wallets, layered bank accounts, and foreign banking channels in an alleged attempt to conceal the money trail. Investigators added that cross-border transactions and complex layering techniques made tracking the proceeds of crime (POC) challenging.
After obfuscating the source and transferring funds abroad, the money was reportedly routed back to the accused in India through hawala channels, accommodation entries, and peer-to-peer (P2P) crypto transfers. Officials said the accused utilised the proceeds to acquire movable and immovable assets both in India and abroad, and several such properties have been identified during the investigation. Multiple cryptocurrency wallet addresses linked to the accused have also been traced.
The agency said the syndicate allegedly followed this modus operandi since 2015, using cryptocurrency to carry out transactions wherever possible, while converting portions into cash or bank balances through peer-to-peer transfers. Many of the accused are believed to maintain undisclosed foreign bank accounts and overseas entities to facilitate laundering of the POC.
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Further investigation is underway to identify key operators, trace additional assets, and ascertain the full scale of the fraud.
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