• Used phishing techniques to steal funds from individuals.
• Laundered stolen money through cryptocurrency transactions.
• Employed international platforms to convert and hide illicit funds.

5. Rs 640-Crore Cyber Fraud Involving Cryptocurrency (2024)

Steps of the Fraud:

1. Phishing and Online Scams:
   • Fraudsters conducted phishing scams, betting, and gambling operations to defraud individuals.
2. Money Laundering via Cryptocurrencies:
   • The illicit proceeds, amounting to ₹640 crore, were laundered through thousands of mule accounts and converted into cryptocurrencies.
3. Use of International Platforms:
   • Funds were transferred to a UAE-based payment platform and withdrawn in cash in Dubai.
4. Enforcement Action:
   • The Enforcement Directorate arrested two chartered accountants and a cryptocurrency trader involved in the scheme.