The Directorate of Enforcement (ED) conducted search operations at 21 locations across Karnataka, Maharashtra, and Delhi on December 18. This is tied to a major cryptocurrency investment fraud case involving 4th Bloc Consultants and others. The searches were done under the Prevention of Money-Laundering Act (PMLA), 2002. ED officials searched homes and offices of the accused and their associates. This action followed a preliminary probe based on an FIR and inputs from Karnataka State Police. The police alleged an organised financial fraud using crypto investment platforms. The accused targeted Indian and foreign investors, gathering money by promising high returns through virtual assets. During the raids, ED uncovered the fraud pattern. The accused created fake crypto investment sites that looked real and advertised huge profits. They used pictures of famous crypto experts and personalities without permission. To build trust, they paid small returns to early investors like in a multi-level marketing (MLM) scheme. They also gave referral bonuses and promoted the schemes heavily via Facebook, Instagram, WhatsApp, and Telegram. They made several crypto wallets, foreign bank accounts, and shell companies to handle the criminal gains. Funds were sent to India using hawala channels, fake entries, and peer-to-peer (P2P) crypto transfers. The illicit money was then used to buy properties in India and abroad. The ED said the accused have been using such methods since 2015. Criminal money in cryptocurrency was either used directly for crypto deals or converted to cash and bank funds through P2P transfers on various platforms. Several properties purchased with these proceeds were found during searches. Investigators also identified crypto wallet addresses believed to be used for laundering money. Most accused kept undisclosed foreign bank accounts and companies to move the money, said the ED. This big bust highlights the growing risks of fake crypto schemes that cheat innocent investors in India and worldwide.