Are there any regulatory bodies in the crypto space to regulate the activities of cryptocurrency founders, trading and verifying legitimacy of the ICOs to avoid scam and protect investors from scam and more?
Generally none. That's not how crypto should be.
On the other hand, different countries have their own regulations about cryptos.
For ICOs, since they are business, it's important to check if they are a registered company on their country or at least find a legit aspects that the team behind are transparent. Or for much better, don't participate in ICO without any knowledge and understanding the risks. That's how risky joining ICO.