ED Tracks CoinDCX Accounts Linked ₹285 Cr Fraud Across Platforms

ED Follows USDT Money Trail With CoinDCX Accounts Linked in Fraud

In a major investigation, the ED flags a massive cyber-fraud that deceived  people across India with the help of fake job and investment applications. 

The probe revealed various CoinDCX accounts linked to suspicious cryptocurrency transactions worth ₹4.81 crore. 

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Already, ₹8.46 crore kept across 92 bank accounts along with multiple wallets related to the scam have been seized by the agency. 

This case is a telling example of how scammers used simple tricks, UPI payments, and crypto platforms to move money quietly. 

Fake Job and Investment Applications Used in the Scam

The probe was initiated after a series of FIRs were lodged in Kadapa. As the police started investigating, they found that there was a major network of fake apps, which included NBC App, Power Bank App, HPZ Token, RCC App and Making App, promising users high commissions for doing small tasks online. 

Scammers initially contacted people through WhatsApp, Telegram and mass SMS campaigns. 

Victims were then asked to deposit money in the app wallets using UPI transfers made to accounts linked to shell firms. To gain the confidence of the victims, the scammers first returned small profits. 

But when victims invested bigger amounts, all of a sudden the withdrawals stopped. Soon, the apps disappeared, the websites shut down, and all the support numbers went silent. 

The fraud involved about ₹285 crore, which was rapidly transferred through more than 30 primary and over 80 secondary account. Part of this money was later converted into cryptocurrency. 

Crypto Platforms and the USDT Money Trail

As the ED followed the money, they found that the scammers were buying USDT on Binance P2P using third-party UPI transfers. Sellers from exchanges like WazirX, Buyhatke and CoinDCX were accepting these payments while selling USDT at small profit margins.

A more detailed check revealed several CoinDCX Accounts Linked to these transactions. Investigators said fraudsters had converted about ₹4.81 crore into USDT using non-KYC user profiles on the platform. This, in turn, helped the fraudsters transfer money quickly and not raise suspicions. 

The involvement of some CoinDCX Accounts linked with the illicit transfers has brought questions related to the verification mechanism on Indian crypto platforms.

ED Attaches Assets and Continues Its Investigation 

The ED has now attached ₹8.46 crore from 92 bank account, including some CoinDCX accounts linked to the suspected crypto routing. Officials believe more linked transactions may surface as the investigation goes on. Authorities also warn citizens that similar fake job and investment scams are still active across the country.

What to Keep in Mind for Crypto Users CoinDCX has said that customer funds remain safe and the company is helping investigators. Still, a growing number of CoinDCX Accounts Linked to scams show how easily criminals can misuse digital platforms. Users are advised to stay careful, avoid unknown investment links, and double-check every payment request.