CoinDCX accounts among those misused by fraudsters, says ED
24 Nov 2025, 02:58 PMThe Enforcement Directorate found that fraudsters laundered Rs 285 crore through an elaborate network of temporary bank accounts.
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The Enforcement Directorate in Hyderabad has provisionally attached assets worth Rs 8.46 crore held in 92 banking and cryptocurrency accounts including CoinDCX as part of a probe into a cyber fraud operation in the country.
The assets have been attached under the Prevention of Money Laundering Act (PMLA), 2002, media reports said.
The Enforcement Directorate found that fraudsters laundered Rs 285 crore through an elaborate network of temporary bank accounts. These bank account stayed operational for barely two weeks before funds disappeared into secondary channels.
Central to the scheme was a pattern where criminals purchased Tether stablecoin on international crypto platforms using payments sourced from fraud victims.
Authorities identified approximately Rs 4.8 crore in Tether transactions processed through CoinDCX.
It should be noted that the investigation hasn't accused CoinDCX or its staff of direct involvement.
Last month, a company statement said that CoinDCX was raising fresh capital from its existing investor Coinbase at a valuation of $2.45 billion. The announcement marked a thaw in funding in the crypto space in the country that has strict regulations.
Alongside the fintech revolution, digital payment fraud in India has skyrocketed and companies have also been a victim of the cyberattack.
Recently, Moneyview, which is backed by Tiger Global, was hacked that caused the fintech company a loss of Rs 49 crore.
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