Crypto Analyzer

Indian State Hit With Another Fraud Worth $1.8 Mln

India, especially the state of Odisha, has been grappling with a surge in cryptocurrency scams. Recently, authorities busted an overseas gang operating within the city of Rourkela in Odisha, accused of perpetrating frauds worth a staggering $1.8 million.

The modus operandi of the nefarious gang involved orchestrating cyber scams utilizing fake cryptocurrencies and fraudulent mobile applications. They lured investors with the promise of substantial returns, creating a fictitious application called India SEBI to attract investments from across the country. Tragically, this racket reportedly victimized around 210 individuals across multiple states.

Regrettably, this incident is not an isolated one. India has been witnessing a surge in cybercrimes, particularly in the realm of cryptocurrencies. The lack of regulations, coupled with the influx of inexperienced investors and their limited understanding of digital assets, has made Indian audiences susceptible to falling prey to these scams.

In response to the alarming upsurge in crypto scams, the Indian government has been intensifying its efforts to clamp down on illicit crypto activities. Stricter regulations are being enforced to curb the prevalence of cryptocurrency frauds. Additionally, the government has ratcheted up its scrutiny of offshore bitcoin exchanges, with the Financial Intelligence Unit issuing show cause notices to nine exchanges for allegedly flouting the country’s anti-money laundering laws.

Furthermore, digital assets have been added to India’s watch list, placing cryptocurrency exchanges under the purview of money laundering laws. These measures are aimed at curbing the proliferation of cryptocurrency scams and instilling greater confidence in the integrity of the digital asset ecosystem.

Ultimately, as the Indian government continues its efforts to stem the tide of crypto scams, it is imperative for investors to exercise vigilance, conduct thorough due diligence, and stay informed about the evolving regulatory landscape in the realm of cryptocurrencies to safeguard themselves from falling victim to fraudulent schemes.