Bhopal (Madhya Pradesh): The Central Bureau of Investigation (CBI) conducted searches at 10 locations across seven states including Madhya Pradesh and union territories. In the searches, several incriminating digital evidence and devices were discovered including cash of Rs 34 lakh, Digital Virtual Assets of $38,414 (approx) in cryptocurrency wallets, officials said on Friday.

The agency had booked seven people in the case related to digital currency Ponzi schemes, which promised high returns. CBI has registered a case against seven accused (who are running separate organised cybercrime modules) and are based in Delhi, Hazaribag, Bathinda, Ratlam, Valsad, Pudukkottai and Chittorgarh.

It was alleged that the accused persons, acting in criminal conspiracy, have been actively floating various Ponzi and fraudulent schemes, promising high returns based on cryptocurrency investments.

They are also accused of promoting, promising and disseminating false and deceptive information to entice investors into these unregulated deposit schemes, which operate without requisite approvals from regulatory authorities such as the Reserve Bank of India (RBI).

The searches resulted in recovery of cash amounting to Rs 34.2 lakh (approx), along with significant digital evidence, including seven mobile phones, one laptop, one tablet, three hard disks, 10 pen drives, memory cards, SIM cards, ATM/debit cards, email accounts and several incriminating documents.

Investigations have uncovered that the accused hold multiple bank accounts and Virtual Digital Asset (VDA) wallets with cryptocurrency exchanges, including CoinDCX, WazirX, Zebpay and BitBns. Over two years, these accounts and wallets witnessed transactions exceeding Rs 350 crore. The victims were allegedly defrauded under various pretences, such as online loans, online lucky orders, UPI frauds and internet banking scams. Investigation is underway.