The Enforcement Directorate (ED) of India has cracked down on a cryptocurrency fraud ring targeting foreigners. The Enforcement Directorate (ED) of India announced on Friday that it conducted searches on Prafful Gupta and his associates at various locations in Delhi, Haryana and Kanpur (Uttar Pradesh) on June 6 in connection with an online fraud case targeting foreigners. The investigation began with a Preliminary Information Report (FIR) filed by the Central Bureau of Investigation (CBI) of India against Gupta and the other defendants. The defendant convinced the victim to transfer $400,000 into a cryptocurrency account, claiming that her bank account was not secure. An unauthorized remote access created a cryptocurrency account in her name. The transferred funds were converted into cryptocurrency and distributed to various accomplices. The Enforcement Bureau further revealed that the search operation resulted in the seizure of digital evidence, freezing of time deposit (FD) of 725 million rupees (880,000 USD) and confiscation of jewellery worth 3.50 million rupees (42 million USD).