# Bengaluru crypto influencers probed for alleged $35 million scam

**Published:** 2026-07-28T07:01:10.163Z  
**Topic:** Crypto Scam  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/3b3bab69-bc1c-4ae0-afa5-88a0127e4615

Bengaluru crypto influencers face Enforcement Directorate probe over an alleged $35 million fraud, with raids, asset seizures and money‑laundering charges –

A Enforcement Directorate (ED) money‑laundering probe has been opened into Bengaluru‑based crypto influencers accused of defrauding overseas investors of roughly $35 million (over Rs 300 crore) through promised token allocations that were never delivered or only partially delivered [3].

| At a glance | |
|---|---|
| Alleged fraud amount | $35 million (≈ Rs 300 crore) |
| Investigation trigger | South Andaman cyber‑crime FIR and Dutch complaint |
| Search dates | July 18‑19 2024 raids on multiple Bengaluru premises |
| Seized assets | Digital devices and ~8,700 USDT stablecoins |

## How the scheme operated  
The ED says the influencers marketed themselves as “key opinion leaders” and claimed direct, heavily discounted token allocations from projects such as MultiverseX, Kava, BEAM, GRASS, SUI, VANA and AGLD [3]. Investors were approached via Telegram, WhatsApp, Instagram and in‑person meetings, and were asked to transfer digital assets rather than use regulated payment channels. Initial small deals built trust, after which larger sums were moved through several wallets, ultimately reaching a central figure identified as Ravindra K in Bengaluru [3].

## Enforcement actions and evidence  
Searches were carried out at six Bengaluru locations on July 18‑19, with officers seizing computers, email archives, wallet records and encrypted account details [3]. Among the seized crypto was about 8,700 USDT, a stablecoin pegged to the US dollar, which investigators hope will trace the flow of funds between wallets and personal accounts [3]. The probe was launched under the Prevention of Money Laundering Act following a South Andaman cyber‑crime FIR and a complaint from a Dutch commercial entity that lost funds in over‑the‑counter (OTC) digital‑asset transactions [3].

## Broader implications  
The alleged fraud highlights the vulnerability of overseas investors to unregulated token‑sale promises and the growing scrutiny of cross‑border crypto remittances in India. While the ED has not yet secured convictions, the investigation may expand as authorities examine offshore wallets and additional foreign entities that could have been affected [3].

## What to watch
- Any further ED seizures or asset freezes linked to the case, especially additional stablecoin holdings.  
- Court filings or updates from the Dutch complainant that could reveal the final size of the loss.  
- Potential regulatory statements from the Reserve Bank of India regarding enforcement against unauthorised crypto “on‑ramp” and “off‑ramp” services.

The probe underscores the risks of informal crypto investment promises and signals that Indian enforcement agencies are intensifying scrutiny of cross‑border digital‑asset transactions, a trend that could reshape how influencers market token sales globally.

## Sources
1. Legal — [ED Searches Bengaluru Crypto Firms: ED Conducts Major Raids on...](https://legal.economictimes.indiatimes.com/news/litigation/ed-conducts-major-raids-on-bengaluru-crypto-firms-over-300-million-fema-violations/131864297)
2. Ww — [Investors seek to recoup around $30 million from Canadian "Crypto..."](https://ww.web3isgoinggreat.com/?id=investors-seek-to-recoup-around-35-million-from-canadian-crypto-king-in-his-20s)
3. Analytics Insight — [Bengaluru Crypto Influencers Face Probe Over Alleged $35 Million Scam](https://www.analyticsinsight.net/news/bengaluru-crypto-influencers-face-probe-over-alleged-35-million-scam)

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Cite as: TrendWatcher, "Bengaluru crypto influencers probed for alleged $35 million scam", https://www.trendwatcher.in/article/3b3bab69-bc1c-4ae0-afa5-88a0127e4615