New Delhi, Jul 13 (PTI) The Enforcement Directorate conducted searches in two states and a Union Territory as part of a money laundering investigation into an alleged fake online investment and 'work-from-home' scam that duped numerous people.

The raids took place on July 10-11 at 16 locations in Tamil Nadu, two in Kerala and one in Jammu and Kashmir's Srinagar.

Cryptocurrency valued at Rs 3.35 crore and cash amounting to Rs 14.50 lakh were seized during the operation, the agency said in a statement.

Multiple bank accounts holding Rs 40 lakh were frozen under the Prevention of Money Laundering Act (PMLA), it added.

The money laundering case stems from two FIRs filed by the Tamil Nadu Police and Telangana Police in 2025 and 2022, respectively, concerning a cyber fraud linked to "fake investment" and "work-from-home" scams.

The ED stated that cyber fraudsters induced innocent victims to invest money as they made false promises of lucrative returns and commissions.

The complainants (victims) transferred funds of Rs 14.95 crore into various bank accounts controlled by the accused and these funds were immediately layered through multiple mule bank accounts and shell entities before being converted into cryptocurrency.

These funds were then transferred through multiple crypto wallets to conceal their origin and ownership, it claimed. PTI NES NB NB

Fake investment and work-from-home scams: laundering through mule accounts, shell entities and crypto wallets prompts asset seizures Money laundering investigations under the Prevention of Money Laundering Act concern alleged fake online investment and work-from-home scams involving promises of lucrative returns and commissions. Funds transferred by victims were allegedly layered through mule bank accounts and shell entities, converted into cryptocurrency, and moved through multiple crypto wallets to conceal their origin and ownership. Searches were conducted at multiple locations, with cryptocurrency and cash seized and multiple bank accounts frozen under the PMLA.