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Every state-changing event for India OTC Crypto KOL Scam (Ravindra K / Mohammed Waseem / Saurabh Diwan / Vaibhav Gupta): moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-07-28 17:40:53Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"966f577c-fb4f-49c7-b5f7-7f25adcd31e8","kind":"publish","page_slug":"india-otc-crypto-kol-scam-ravindra-k-mohammed-waseem-saurabh-diwan-vaibhav-gupta","published_at":"2026-07-28T17:40:53.065Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"India OTC Crypto KOL Scam (Ravindra K / Mohammed Waseem / Saurabh Diwan / Vaibhav Gupta)","sections":[{"content":"The investigation originated from a First Information Report (FIR) filed at the Cyber Crime Police Station, South Andaman, by a Dutch commercial entity alleging large-scale cheating in cryptocurrency OTC investments. The complainant alleged losses of approximately USD 10 million. On the basis of this FIR, the ED's Bengaluru Zonal Office registered a PMLA money laundering case and initiated its own investigation, which expanded the estimated fraud figure to approximately USD 35 million (₹336–337 crore) as investigators uncovered additional alleged victims who had not yet filed formal complaints. The investigation is ongoing as of July 2026; no arrests have been publicly confirmed at the time of writing.","heading":"Background and Originating Complaint","severity":"critical","sources":[{"credibility":2,"name":"India's ED Probes $35M Crypto Scam Run by Self-Styled 'Key Opinion Leaders' — Crypto Times","type":"news_article","url":"https://www.cryptotimes.io/2026/07/21/indias-ed-probes-35m-crypto-scam-run-by-self-styled-key-opinion-leaders/"},{"credibility":2,"name":"ED registers PMLA case in Rs 336 crore Crypto fraud — Daily Pioneer","type":"news_article","url":"https://dailypioneer.com/news/ed-registers-pmla-case-in-rs-336-crore-crypto-fraud"},{"credibility":2,"name":"Scam In OTC In Virtual Digital Assets To Defraud Foreign Investors — FintechBizNews","type":"news_article","url":"https://www.fintechbiznews.com/govtregulators-authorities/scam-in-otc-in-virtual-digital-assets-to-defraud-foreign-investors"}]},{"content":"According to ED investigators, the accused operated a seven-step confidence scheme. The operatives — Mohammed Waseem, Saurabh Diwan, and Vaibhav Gupta — allegedly presented themselves as high-profile crypto Key Opinion Leaders and industry insiders across Telegram, WhatsApp, Instagram, dedicated websites, and in-person industry summits. They allegedly claimed to hold guaranteed, steeply discounted direct token allocations from prominent crypto projects including MultiversX, Kava, BEAM, GRASS, SUI, VANA, and AGLD. The scheme allegedly began with the smooth completion of smaller OTC transactions to build investor confidence before soliciting multi-million-dollar commitments. Investigators allege that once prices of the referenced tokens surged — making delivery of the promised discounts costly — the accused ceased token delivery entirely. Funds received were allegedly routed to Bengaluru-based Ravindra K, whom the ED identifies as the alleged mastermind of the underlying OTC operation. The named blockchain projects (MultiversX, SUI, etc.) are not accused of any wrongdoing and are understood to have been invoked without authorization; prior to the investigation, both SUI and MultiversX teams had reportedly issued public warnings against unsolicited discounted-allocation offers.","heading":"Alleged Modus Operandi","severity":"critical","sources":[{"credibility":2,"name":"India's ED Probes $35M Crypto Scam Run by Self-Styled 'Key Opinion Leaders' — Crypto Times","type":"news_article","url":"https://www.cryptotimes.io/2026/07/21/indias-ed-probes-35m-crypto-scam-run-by-self-styled-key-opinion-leaders/"},{"credibility":2,"name":"ED Uncovers ₹300-Crore Crypto OTC Scam Run by Bengaluru Influencers — The420.in","type":"news_article","url":"https://the420.in/bengaluru-crypto-influencer-ed-scanner-300-crore-scam/"},{"credibility":2,"name":"Bengaluru Crypto Influencers Face Probe Over Alleged $35 Million Scam — Analytics Insight","type":"news_article","url":"https://www.analyticsinsight.net/news/bengaluru-crypto-influencers-face-probe-over-alleged-35-million-scam"}]},{"content":"The ED has named four individuals in connection with the alleged scheme. Mohammed Waseem, Saurabh Diwan, and Vaibhav Gupta are identified as the primary KOL-facing operatives who allegedly solicited investment from foreign entities using false credentials and fabricated industry relationships across social platforms and in-person events. Bengaluru-based Ravindra K is identified by investigators as the alleged mastermind who operated the underlying OTC crypto trading infrastructure and received funds diverted from investor payments. All allegations against these individuals are at the investigation stage; no formal charges have been filed in a court of law and none of the named individuals has been confirmed arrested as of the date of this investigation. The individuals have not made publicly reported statements in response to the allegations.","heading":"Key Individuals Named by Investigators","severity":"critical","sources":[{"credibility":2,"name":"Ravindra K Under ED Scanner in $35 Million Crypto Scam — Industry Wired","type":"news_article","url":"https://industrywired.com/cryptocurrencies/ravindra-k-under-ed-scanner-in-35-million-crypto-scam-12187794"},{"credibility":2,"name":"India's ED Probes $35M Crypto Scam Run by Self-Styled 'Key Opinion Leaders' — Crypto Times","type":"news_article","url":"https://www.cryptotimes.io/2026/07/21/indias-ed-probes-35m-crypto-scam-run-by-self-styled-key-opinion-leaders/"}]},{"content":"The ED's Bengaluru Zonal Office conducted coordinated search operations across multiple premises in Bengaluru on July 18 and 19, 2026. During these raids, investigators seized digital storage devices, email repositories, and encrypted wallet credentials. Multiple sources report the seizure of virtual digital assets in USDT (Tether), with figures varying across reports: some outlets cite 8,700 USDT while others including The420.in and ETV Bharat report 87,000 USDT. The exact amount is unresolved across available public sources; the higher figure of 87,000 USDT is cited in more detailed reporting but has not been independently confirmed via a primary ED press release at the time of writing. Regardless of the precise amount, the seized USDT represents a small fraction of the alleged USD 35 million total. The investigation is ongoing and the ED has indicated it is collaborating with international law enforcement to trace offshore wallets and freeze additional assets.","heading":"Enforcement Actions and Asset Seizures","severity":"high","sources":[{"credibility":2,"name":"ED Seizes 87,000 USDT in Bengaluru Raids Linked to Alleged ₹336 Crore Crypto Fraud — The420.in","type":"news_article","url":"https://the420.in/bengaluru-crypto-fraud-ed-seizes-87000-usdt-pmla-probe/"},{"credibility":2,"name":"ED Conducts Searches In Rs 336-Crore Crypto Fraud — ETV Bharat","type":"news_article","url":"https://www.etvbharat.com/en/bharat/ed-conducts-searches-in-rs-336-crore-crypto-fraud-enn26072104603"},{"credibility":2,"name":"Investigation into crypto OTC fraud in Bengaluru, ED seizes 8,700 USDT — Traders Union","type":"news_article","url":"https://tradersunion.com/news/financial-news/show/2742457-bengaluru-crypto-otc-fraud-ed-usdt/"}]},{"content":"The investigation is being conducted under the Prevention of Money Laundering Act, 2002 (PMLA), which is the primary legislation under which India's ED pursues financial crime and asset seizure. PMLA investigations run in parallel to the underlying predicate criminal case — in this instance the FIR filed at the Cyber Crime Police Station, South Andaman. The PMLA gives the ED power to attach assets believed to be proceeds of crime, conduct search and seizure operations, and refer cases for prosecution before a Special Court. As of July 2026, the case remains in the investigation and search phase; no PMLA attachment order or prosecution complaint has been publicly reported.","heading":"Legal Framework","severity":"high","sources":[{"credibility":2,"name":"India's ED Targets $35M Crypto OTC Scam in Money Laundering Probe — CryptoRank","type":"news_article","url":"https://cryptorank.io/news/feed/c4122-indias-ed-targets-35m-crypto-otc-scam-in-money-laundering-probe"},{"credibility":2,"name":"Crypto scam: ED raids at multiple locations — Millennium Post","type":"news_article","url":"https://www.millenniumpost.in/nation/crypto-scam-ed-raids-at-multiple-locations-669153"}]},{"content":"ED investigators have stated publicly that they believe multiple foreign investors and entities suffered losses through the same alleged network, many of whom have not yet filed formal complaints. The gap between the USD 10 million stated in the originating Dutch entity FIR and the ED's USD 35 million estimated scope suggests investigators have identified additional alleged victims or traced additional transaction flows during the search operations. The investigation is international in scope, with the primary complainant being a Dutch entity and the ED indicating collaboration with overseas law enforcement to trace wallet flows and freeze assets held outside India.","heading":"Broader Victim Scope and Unreported Losses","severity":"high","sources":[{"credibility":2,"name":"India's ED Probes $35M Crypto Scam Run by Self-Styled 'Key Opinion Leaders' — Crypto Times","type":"news_article","url":"https://www.cryptotimes.io/2026/07/21/indias-ed-probes-35m-crypto-scam-run-by-self-styled-key-opinion-leaders/"},{"credibility":2,"name":"ED Conducts Searches In Rs 336-Crore Crypto Fraud — ETV Bharat","type":"news_article","url":"https://www.etvbharat.com/en/bharat/ed-conducts-searches-in-rs-336-crore-crypto-fraud-enn26072104603"}]},{"content":"The ED's investigation and associated reporting reference seven token projects — MultiversX, Kava, BEAM, GRASS, SUI, VANA, and AGLD — as the assets whose discounted allocations were allegedly promised to investors. These projects are not accused of any wrongdoing and are understood to have been invoked without their knowledge or authorization by the accused. Reporting notes that the SUI and MultiversX development teams had each issued prior public warnings against unsolicited third-party offers of discounted allocations, which is consistent with the accused having had no legitimate relationship with those projects.","heading":"Named Token Projects: Disclaimer","severity":"low","sources":[{"credibility":2,"name":"India's ED Probes $35M Crypto Scam Run by Self-Styled 'Key Opinion Leaders' — Crypto Times","type":"news_article","url":"https://www.cryptotimes.io/2026/07/21/indias-ed-probes-35m-crypto-scam-run-by-self-styled-key-opinion-leaders/"}]},{"content":"The scheme described in the ED's investigation is consistent with a documented pattern of fraud in the crypto OTC market in which individuals falsely claim preferential or insider access to pre-listing token allocations at a discount. Common markers of this fraud type include: use of encrypted messaging apps (Telegram) to create an air of exclusivity; invocation of real, high-profile token projects without authorization; gradual trust-building through small legitimate transactions before escalating to large fraudulent ones; and cessation of delivery when market prices rise and the cost of honoring the promised discount increases. Reporting notes that similar schemes had surfaced as early as June 2025, predating the formal ED investigation.","heading":"Pattern Context: OTC Token Allocation Fraud","severity":"medium","sources":[{"credibility":2,"name":"India's ED Targets $35M Crypto OTC Scam in Money Laundering Probe — CryptoRank","type":"news_article","url":"https://cryptorank.io/news/feed/c4122-indias-ed-targets-35m-crypto-otc-scam-in-money-laundering-probe"},{"credibility":2,"name":"India's Enforcement Directorate Raids Multiple Crypto Fraud Dens Targeting Foreign Investors — Odaily","type":"news_article","url":"https://www.odaily.news/en/newsflash/502620"}]}],"sources_used":[{"credibility":2,"name":"India's ED Probes $35M Crypto Scam Run by Self-Styled 'Key Opinion Leaders' — Crypto Times","type":"news_article","url":"https://www.cryptotimes.io/2026/07/21/indias-ed-probes-35m-crypto-scam-run-by-self-styled-key-opinion-leaders/"},{"credibility":2,"name":"ED Uncovers ₹300-Crore Crypto OTC Scam Run by Bengaluru Influencers — The420.in","type":"news_article","url":"https://the420.in/bengaluru-crypto-influencer-ed-scanner-300-crore-scam/"},{"credibility":2,"name":"ED Seizes 87,000 USDT in Bengaluru Raids — The420.in","type":"news_article","url":"https://the420.in/bengaluru-crypto-fraud-ed-seizes-87000-usdt-pmla-probe/"},{"credibility":2,"name":"Bengaluru Crypto Influencers Face Probe Over Alleged $35 Million Scam — Analytics Insight","type":"news_article","url":"https://www.analyticsinsight.net/news/bengaluru-crypto-influencers-face-probe-over-alleged-35-million-scam"},{"credibility":2,"name":"Investigation into crypto OTC fraud in Bengaluru, ED seizes 8,700 USDT — Traders Union","type":"news_article","url":"https://tradersunion.com/news/financial-news/show/2742457-bengaluru-crypto-otc-fraud-ed-usdt/"},{"credibility":2,"name":"ED Conducts Searches In Rs 336-Crore Crypto Fraud — ETV Bharat","type":"news_article","url":"https://www.etvbharat.com/en/bharat/ed-conducts-searches-in-rs-336-crore-crypto-fraud-enn26072104603"},{"credibility":2,"name":"Scam In OTC In Virtual Digital Assets To Defraud Foreign Investors — FintechBizNews","type":"news_article","url":"https://www.fintechbiznews.com/govtregulators-authorities/scam-in-otc-in-virtual-digital-assets-to-defraud-foreign-investors"},{"credibility":2,"name":"ED registers PMLA case in Rs 336 crore Crypto fraud — Daily Pioneer","type":"news_article","url":"https://dailypioneer.com/news/ed-registers-pmla-case-in-rs-336-crore-crypto-fraud"},{"credibility":2,"name":"Ravindra K Under ED Scanner in $35 Million Crypto Scam — Industry Wired","type":"news_article","url":"https://industrywired.com/cryptocurrencies/ravindra-k-under-ed-scanner-in-35-million-crypto-scam-12187794"},{"credibility":2,"name":"India's ED Targets $35M Crypto OTC Scam in Money Laundering Probe — CryptoRank","type":"news_article","url":"https://cryptorank.io/news/feed/c4122-indias-ed-targets-35m-crypto-otc-scam-in-money-laundering-probe"},{"credibility":2,"name":"Crypto scam: ED raids at multiple locations — Millennium Post","type":"news_article","url":"https://www.millenniumpost.in/nation/crypto-scam-ed-raids-at-multiple-locations-669153"},{"credibility":2,"name":"India's Enforcement Directorate Raids Multiple Crypto Fraud Dens Targeting Foreign Investors — Odaily","type":"news_article","url":"https://www.odaily.news/en/newsflash/502620"},{"credibility":2,"name":"Crypto India: ED Probes $35 Million OTC Crypto Scam — CoinPedia","type":"news_article","url":"https://coinpedia.org/crypto-live-news/crypto-india-ed-probes-35-million-otc-crypto-scam/"}],"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.","timeline":[{"date":"2025-06","event":"Similar OTC token allocation fraud schemes involving self-styled crypto influencers reportedly surface in India, predating the formal ED investigation.","source":"Crypto Times","source_url":"https://www.cryptotimes.io/2026/07/21/indias-ed-probes-35m-crypto-scam-run-by-self-styled-key-opinion-leaders/"},{"date":"2026-07-01","event":"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.","source":"FintechBizNews","source_url":"https://www.fintechbiznews.com/govtregulators-authorities/scam-in-otc-in-virtual-digital-assets-to-defraud-foreign-investors"},{"date":"2026-07-18","event":"ED's Bengaluru Zonal Office commences search operations under PMLA at multiple Bengaluru premises associated with the accused.","source":"ETV Bharat","source_url":"https://www.etvbharat.com/en/bharat/ed-conducts-searches-in-rs-336-crore-crypto-fraud-enn26072104603"},{"date":"2026-07-19","event":"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).","source":"The420.in","source_url":"https://the420.in/bengaluru-crypto-fraud-ed-seizes-87000-usdt-pmla-probe/"},{"date":"2026-07-21","event":"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.","source":"Crypto Times","source_url":"https://www.cryptotimes.io/2026/07/21/indias-ed-probes-35m-crypto-scam-run-by-self-styled-key-opinion-leaders/"},{"date":"2026-07-22","event":"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.","source":"FintechBizNews","source_url":"https://www.fintechbiznews.com/govtregulators-authorities/scam-in-otc-in-virtual-digital-assets-to-defraud-foreign-investors"}]},"v":1}

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