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Crypto Crackdown: India’s CBI Seizes $327K in Major Transnational Cybercrime Raid
- India’s CBI seized $327,000 in cryptocurrency and $26,400 in cash from a suspect in a major transnational cybercrime raid.
- The cyber ring targeted U.S. and Canadian victims using spoofing technology for impersonation and fraud schemes.
- Rahul Arora was arrested in New Delhi, and tools like caller ID spoofing software were recovered during the raid.
- The group exploited enforcement loopholes in different countries, posed as police or technical support officials to scam victims.
- International calling devices, crypto wallets, and lead generation tools were seized by CBI during the operation.
- CBI initiated actions as per digital asset regulations and presented Arora before a Special Court in Delhi.
- The investigation involved international agencies like Interpol and the FBI, with more arrests possible based on digital evidence.
- The enforcement action was part of Project Chakra-V, a collaborative cybercrime effort specializing in combating crimes on the dark web.
- The fraud did not use blockchain technologies, and crypto was only used to store illegal funds, not classified as a crypto scam.
- Web3 experts recommended handling confiscated digital assets with industry-grade tools and legal protection.
- CBI clarified their protocols for managing Virtual Digital Assets and ensuring security of confiscated properties.
- Digital forensics experts aim to track down transactions linked to the seized crypto wallets.
- In previous cases like the GainBitcoin Ponzi scheme, CBI confiscated close to $3 million in crypto.
- Bitcoin nears all-time highs while regulatory efforts continue in the cryptocurrency space.
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