India, July 22 -- The Enforcement Directorate (ED) on Monday registered a money-laundering case under the Prevention of Money Laundering Act (PMLA) and searched locations linked to an alleged Rs 336 crore cryptocurrency fraud targeting a Dutch national.

The Bengaluru office of the agency carried out raids on July 18 and 19, focusing on over-the-counter (OTC) crypto Tokens involved in the case, including MultiverseX, Kava, BEAM, GRASS, SUI, VANA, and AGLD, among others.

The PMLA case began after the cybercrime police station in South Andaman received a complaint from a Dutch national about large-scale cheating in crypto investments.

The ED said the accused took multi- million-dollar investments from the complainant but stopped deliverin...