Archive · 21 Jul 2026
ED uncovers $35M crypto scam in Bengaluru
The Enforcement Directorate in India has discovered a big cryptocurrency scam worth $35 million.
Three men from Bengaluru are accused of tricking a company from the Netherlands.
They promised the company discounted crypto tokens but never gave them.
The ED says the accused built trust through fake credentials and small successful deals before asking for larger sums.
The ED raided several places on July 18 and 19 to investigate this scam.
The Enforcement Directorate (ED) uncovered a $35-million cryptocurrency scam in Bengaluru.
Three men—Mohammed Waseem, Saurabh Diwan, and Vaibhav Gupta—are accused of defrauding a Dutch entity.
The accused promised discounted crypto tokens but allegedly never delivered them.
The ED conducted raids on July 18 and 19 in connection with the scam.
The fraudsters allegedly built trust through Telegram groups, in-person meetings, and fabricated credentials.
- Who
- The Enforcement Directorate (ED) and three Bengaluru-based men: Mohammed Waseem, Saurabh Diwan, and Vaibhav Gupta.
- What
- An alleged $35-million cryptocurrency scam involving discounted crypto tokens.
- When
- The ED conducted raids on July 18 and 19.
- Where
- Bengaluru, India.
- Why
- A Dutch entity complained to the police about being cheated out of funds.
Accused's Defense
ED's Allegations
Nature of Transactions
Accused's Defense
The accused claim all transactions were legitimate and above board.
ED's Allegations
The ED alleges the transactions were part of a larger scam to defraud the Dutch entity.
Trust Building
Accused's Defense
The accused maintain they built trust through genuine interactions and successful smaller transactions.
ED's Allegations
The ED asserts the accused used fabricated credentials and in-person meetings to gain trust.
- Date of ED Raids
- July 18 and 19
- Alleged Scam Amount
- $35 million
- Accused Individuals
- Mohammed Waseem, Saurabh Diwan, Vaibhav Gupta
- Complainant
- Dutch entity
- Crypto Tokens Involved
- MultiverseX, Kava, BEAM, GRASS, SUI, VANA, AGLD