India Raids Suspected $275M Crypto MLM in Expanding Money‑Laundering Probe
India’s Enforcement Directorate has stepped up operations against a suspected crypto Ponzi run through a large multi‑level marketing network, executing raids in several northern states tied to alleged losses running into billions of rupees. Officials say the network marketed fake crypto investment plans and funneled investor funds through layered transactions; the agency describes the case as a major money‑laundering probe with an estimated value of roughly $275 million. The developments increase scrutiny on unregulated crypto schemes in India and could prompt more aggressive asset seizures and criminal charges if evidence holds. For investors and platforms, the raid underscores rising enforcement risks and the need for stronger due diligence; the outcome may influence ongoing regulatory discussions as authorities seek to curb large‑scale frauds in the crypto ecosystem.