The Central Bureau of Investigation (CBI) has uncovered a large-scale cyber fraud scheme involving cryptocurrencies spanning several major cities in India. This sophisticated fraud operation allegedly duped numerous investors by promising high returns on digital assets and cryptocurrency investments.

Officials revealed that the criminals operated through multiple fake websites and crypto exchanges, luring victims into investing substantial sums of money. The scam involved fraudulent initial coin offerings (ICOs), fake wallets, and digital identity theft, which led to severe financial losses for many individuals.

The investigation was launched following numerous complaints from victims across cities including Mumbai, Delhi, Bangalore, Hyderabad, and Chennai. The CBI team conducted raids at various locations and arrested several key accused believed to be masterminds behind the scam.

Authorities have cautioned the public to avoid dealing with unverified crypto platforms and to exercise extreme vigilance while investing in digital currencies. The case is ongoing, with further investigations underway to track the movement of funds and apprehend additional suspects involved in the network.

The CBI’s successful crackdown on this cyber fraud highlights the importance of regulatory oversight and the need for improved cybersecurity measures in the emerging digital asset market in India. Investors are advised to consult legitimate financial experts and use government-approved platforms for any cryptocurrency dealings.