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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · May 31, 2026 · How we report
The Directorate of Enforcement estimates the fraud to be worth about $35 million, equivalent to more than Rs 300 crore.
UNODC reported estimated losses of $88.3 billion to $114.1 billion, with a significant portion linked to cryptocurrency investment fraud.
Perpetrators called victims posing as police officers, urging them to transfer cryptocurrency to accounts that appeared to be official police wallets, then laundered the funds.
Authorities seized digital devices and virtual assets worth about 8,700 USDT during searches of several Bengaluru locations.
Because the fraudulent transactions involve multiple foreign accounts and cross‑border crypto flows, making coordinated law‑enforcement efforts necessary.