BENGALURU: The Directorate of Enforcement (ED), Bengaluru zonal office, has initiated an investigation into the alleged large-scale scam in Over-the-Counter Trades (OTC) in Virtual Digital Assets (VDA) under the Prevention of Money Laundering Act (PMLA). The ED investigation is based on an FIR filed by the Cyber Crime police station, South Andaman, on a complaint filed by a Dutch national of a scam involving USD 35million.

“The scam was perpetrated by the accused persons by cheating on the promise of discounted crypto tokens (MultiverseX, Kava, BEAM, GRASS, SUI, VANA, AGLD etc) to the investors, which were never supplied fully,” the ED stated in an official release on Tuesday.

“The searches resulted in seizure of incriminating…