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The post India’s ED uncovers fake crypto sites in money laundering probe appeared com. India’s financial crime watchdog is widening its crackdown on crypto-related fraud. In the fresh move, ED carried out coordinated searches across three states. These raids were linked to a case involving fake investment platforms that allegedly duped investors in India and overseas. The Enforcement Directorate reportedly raided 21 residential and office locations across Karnataka, Maharashtra and New Delhi. This was part of a money laundering investigation. The searches were conducted under the Prevention of Money Laundering Act (PMLA). The case was registered against 4th Bloc Consultants and several other individuals. ED finds web of crypto wallets According to the ED, the probe comes out of an FIR and intelligence inputs shared by the Karnataka state police. The authorities have described it as an organised and multi-year financial fraud operation. The accused allegedly ran a network of fake crypto investment platforms that closely looked like actual trading websites. The platforms under investigation used to promise unusually high returns. However, they targeted both Indian residents and foreign nationals. The scammers lure them with claims of quick and regular profits through digital assets. Investigators highlighted that the operators used photographs of well-known personalities and so-called crypto experts without permission to build credibility. The report added that several early investors were paid small returns to establish trust before larger sums were asked for. These tactics mirror classic multi-level marketing and pig-butchering scams. The ED said the group relied heavily on social media platforms to promote the schemes. This includes Facebook, Instagram, WhatsApp and Telegram. However, referral bonuses were offered to expand the investor base. This takes a dark turn as funds were allegedly routed through a web of crypto wallets, shell companies and foreign bank accounts. Crypto scams traced back to 2015 Officials have marked that the proceeds of crime were moved using peer-to-peer.

The post Thailand extradites Southeast Asian gambling and scam empire kingpin to China appeared com. She Zhijiang is a Chinese national who is facing charges of leading one of Southeast Asia’s largest online gambling and fraud operations over the last decade. 41-year-old businessman Zhijiang has officially been extradited to China after being detained in Thailand since 2022. He arrived at a Bangkok airport on Wednesday in handcuffs and accompanied by two security officials, according to the BBC. International inquiry into She’s alleged activities began when his name appeared in illegal gambling rings and cyberscam hubs that defrauded thousands of victims from China. The government has been requesting his extradition through Interpol for over 3 years, lodging several legal complaints of fraud and illegal gambling. She Zhijiang accused of controlling a pig-butchering scam center Zhijiang was born in 1982 in a rural village in Hunan province, China, but he left school at 14 and began learning computer programming. In his early 20s, he moved to the Philippines to join the online gambling industry because it was banned in China. In 2014, he had already been convicted in a Chinese court for running an illegal lottery. She expanded his operations to Southeast Asia, particularly in Cambodia and Myanmar, both countries where the US Treasury claims he has citizenship. The 41-year-old’s business empire grew popular in Shwe Kokko, a city near the Thai border in Myanmar. Shwe Kokko has been depicted by promoters and blog articles as a luxury resort for Chinese tourists. In reality, the city has been accused of being a base for fraud, money laundering, and human trafficking. Zhijiang and his company, Yatai, have been sanctioned by both the United Kingdom and the United States for their links to human rights abuses in scam factories and online fraud operations. The sanctions were imposed on both financial transactions and corporate operations connected to She to disrupt.