Crypto Scams on the Rise in India
The number of crypto scams in India has seen a significant increase in recent years. A consultancy executive from Gurugram recently fell victim to a fraud worth over $45,000. This has raised concerns about the effectiveness of cybersecurity measures in place to protect internet users.
Gurugram-based Executive Cheated in Crypto Scam
A woman who befriended an executive from a consulting firm through a matrimonial website scammed him for a large sum of money. The victim was coerced into investing in a cryptocurrency called Deuncoin and was then forced to pay additional fees.
According to reports, the victim created an account on the m.deuncoin.vip website and received messages from the fake customer support team on WhatsApp. The scammers claimed that the funds transferred were involved in money laundering and threatened the victim with financial action if they didn’t deposit a comparable amount within 24 hours.
Rising Number of Crypto Frauds in India
India has been grappling with an increasing number of cyber crimes, including crypto scams. Just recently, two scams took place in the state of Odisha within a month. The national capital has also experienced similar incidents, with an engineer falling victim to a significant scam.
Local studies suggest that Indian investors are easily fooled by cryptocurrency con artists, particularly on platforms like Telegram. Factors such as lack of regulations, inexperienced investors, and limited knowledge of digital media contribute to the vulnerability of Indian audiences.
Strict Regulations Enforced by Indian Government
The Indian government has started implementing stricter regulations to combat the rising number of cryptocurrency fraud cases. Cybercrime police have reported an increase in victims falling for crypto scams and government impersonation.
To address this issue, the government has increased its scrutiny of illicit crypto trading sectors. Additionally, nine offshore bitcoin exchanges have received show cause notices for allegedly violating anti-money laundering regulations. Digital assets have also been added to India’s watch list, subjecting cryptocurrency exchanges to money laundering laws.
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