India's Enforcement Directorate (ED) has dismantled an alleged cryptocurrency fraud operation in Maharashtra, leading to investor losses of over Rs. 4.25 crore (approximately $472,000). On January 7, the ED conducted searches at three locations in Nagpur under the Prevention of Money Laundering Act, 2002. The operation targeted Nished Mahadeo Rao Wasnik and his associates, who allegedly ran an unauthorized platform called "Ether Trade Asia." The group is accused of organizing seminars to lure investors with false promises of high returns on investments in Ethereum. The ED claims the funds were used for personal gain, including purchasing properties and cryptocurrencies. The recent operation resulted in the seizure of documents, digital devices, and the freezing of bank balances and digital assets worth approximately Rs. 63 lakh ($73,000). Additionally, the ED has frozen cryptocurrencies worth Rs. 4.79 crore ($530,000) in a separate fraud case in Chandigarh. Investigations are ongoing as part of broader efforts to combat crypto-related fraud in India.