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India OTC Crypto KOL Scam (Ravindra K / Mohammed Waseem / Saurabh Diwan / Vaibhav Gupta)

avoid.net/india-otc-crypto-kol-scam-ravindra-k-mohammed-waseem-saurabh-diwan-vaibhav-gupta→4/100·78% conf.
[AI-DRAFTED · AWAITING VERIFICATION]

Summary

India's Enforcement Directorate (ED) registered a Prevention of Money Laundering Act (PMLA) case and conducted raids on July 18–19, 2026 in Bengaluru against a network of self-styled cryptocurrency Key Opinion Leaders (KOLs) accused of defrauding foreign investors through fraudulent over-the-counter (OTC) token allocation deals. The ED's Bengaluru Zonal Office estimates the total scam value at approximately USD 35 million (approximately ₹336–337 crore), substantially exceeding the USD 10 million reported in the originating FIR filed by a Dutch entity. Four individuals have been named: Mohammed Waseem, Saurabh Diwan, and Vaibhav Gupta as the primary KOL-facing operatives, and Bengaluru-based Ravindra K, identified by investigators as the alleged mastermind behind the OTC operation.

Connected Entities

1 entities · 10 linked investigations
Organizations
□India OTC Crypto KOL Scam (Ravindra K / Mohammed Waseem / Saurabh Diwan / Vaibhav Gupta)
Relationships
    Also appears in
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    Have evidence about India OTC Crypto KOL Scam (Ravindra K / Mohammed Waseem / Saurabh Diwan / Vaibhav Gupta)?

    Timeline(6 events)

    2025-06

    Similar OTC token allocation fraud schemes involving self-styled crypto influencers reportedly surface in India, predating the formal ED investigation.

    Crypto Times

    2026-07-01

    A Dutch commercial entity files a First Information Report at the Cyber Crime Police Station, South Andaman, alleging large-scale fraud in OTC cryptocurrency trades valued at approximately USD 10 million.

    FintechBizNews

    2026-07-18

    ED's Bengaluru Zonal Office commences search operations under PMLA at multiple Bengaluru premises associated with the accused.

    ETV Bharat

    2026-07-19

    Search operations continue on the second day. Authorities seize digital storage devices, email repositories, wallet credentials, and USDT (amount reported as either 8,700 or 87,000 USDT across sources).

    The420.in

    2026-07-21

    ED publicly discloses the investigation, naming Mohammed Waseem, Saurabh Diwan, Vaibhav Gupta, and Ravindra K as accused. ED states total estimated scam value is approximately USD 35 million (₹336–337 crore), significantly higher than the FIR figure.

    Crypto Times

    2026-07-22

    FintechBizNews and other outlets report on the ED's official disclosure. ED indicates multiple additional foreign investors were allegedly defrauded but have not yet filed complaints.

    FintechBizNews
    Provenance & Audit Trail
    7 Wayback Archives

    Decision Log

    • #1publish⛓ pending7/28/2026, 5:40:53 PM
      hash: 6shzj5vRFTUh8NjMNJ34M3rKEFxgUNuP7Mg1Lvt8y1a

    7 of 13 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 7/28/2026, 5:40:42 PM

    last updated: 7/28/2026, 6:45:21 PM

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