“Scandal Rocks Indian State as $1.8M Fraud Uncovered”


Overseas Crypto Gang Busted in India’s Odisha

The issue of terrorism is once again in the spotlight in India’s Odisha as local media reports reveal the busting of an overseas crypto scam gang operating in the city of Rourkela. According to reports, the gang was arrested by the Odisha Police on Saturday after committing fraud amounting to $1.6 million.

The Rise of Crypto Scams in India

This is not the first time that a crypto scam has been reported in India’s Odisha. Just last month, a similar incident was seen where a victim fell prey to a cryptocurrency scam allegedly originating from Cambodia. The suspects, operating from various parts of the country, have been active in the past year.

The gang’s modus operandi involved using fraudulent mobile apps to scam unsuspecting consumers, resulting in losses of $1.8 million. They would lure investors with promises of high returns through fake cryptocurrency investments. The gang even created a fake app resembling India’s SEBI to attract investors from within the country and abroad. The police investigation revealed that the gang had targeted 210 fraud cases in multiple states.

The Increasing Menace of Crypto Scams in India

The Indian government has been struggling with the rising cases of cyber crimes, especially in the cryptocurrency sphere. The lack of regulations, inexperienced investors, and limited understanding of digital assets have made it easier for scammers to target Indian investors. Most of these scams are carried out on popular chat software, Telegram.

To combat this growing problem, the government has tightened regulations and increased scrutiny of illicit crypto trading. Recently, nine offshore bitcoin exchanges were issued notices by the Financial Intelligence Unit (FIU) for violating anti-money laundering laws and operating illegally.

Government’s Crackdown on Crypto Scams in India

In light of the increasing incidents of crypto scams, the Indian government has added digital assets to its list of watch items. This means that cryptocurrency exchanges in the country are now subject to money laundering laws. The Cybercrime Police have reported a rise in cases of fraud and impersonation of government officials in the crypto space, prompting stricter regulations to protect the public.

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