The incidence of crypto scams in India has been on the rise over the past few years. A recent report stated that a consultancy executive from Gurugram was duped of over $45,000 in a fraudulent crypto scheme. This has raised concerns about the effectiveness of cyber security measures in protecting internet users.
The victim, who met the perpetrator through a matrimonial website, was convinced to invest in a cryptocurrency called Deuncoin. However, they were then coerced into paying more fees. The victim also received threatening messages from a fake customer support team, claiming that their initial investment was considered money laundering and they needed to pay more to avoid legal action.
Unfortunately, this is not an isolated incident in India. The country has seen a surge in cyber crimes, with two crypto scams reported in the state of Odisha in a single month. Even the nation’s capital has not been spared, with an engineer falling victim to a similar scam.
Studies have shown that Indian investors are easily deceived by cryptocurrency con artists, especially on messaging platforms like Telegram. The lack of regulations, inexperienced investors, and limited knowledge about digital assets make them vulnerable to such scams.
To address this issue, the Indian government has implemented stricter regulations to curb the growing number of crypto frauds. The cybercrime police have reported an increase in the number of victims falling prey to these schemes. Moreover, the government has issued show cause notices to nine offshore bitcoin exchanges for violating anti-money laundering laws.
In addition, digital assets have been added to the government’s watch list, making cryptocurrency exchanges subject to money laundering regulations. These measures are crucial in protecting investors and preventing fraudulent activities in the crypto space.
