Overseas Crypto Gang Busted in Odisha, India
An overseas gang operating in the city of Rourkela in Odisha, India, was recently busted by the police. The gang, which allegedly conducted frauds worth $1.6 million, was running a cryptocurrency network from Cambodia. They had been active for the past year and used fraudulent mobile applications to defraud consumers.
Increasing Crypto Scams in India
India has been grappling with a rise in cyber crimes, particularly crypto scams. This incident in Odisha is the second crypto scam reported in the state within a month. Indian investors are easily fooled by cryptocurrency con artists, with most of these scams taking place on Telegram.
The lack of regulations, inexperienced new investors, and limited knowledge of digital media contribute to the vulnerability of Indian investors to crypto scams.
Indian Government Tightens Regulations to Curb Crypto Scams
In response to the increasing number of cryptocurrency frauds, the Indian government has implemented stricter regulations. The cybercrime police have observed a rise in victims falling prey to crypto frauds and impersonation by government officials.
To address this issue, the Indian government has increased scrutiny over illicit crypto trading sectors. Additionally, nine offshore bitcoin exchanges have received show cause notices from the Financial Intelligence Unit (FIU) for allegedly violating anti-money laundering regulations and operating illegally.
Digital assets have also been added to India’s watch list, subjecting cryptocurrency exchanges to money laundering laws.
Hot Take: India Takes Action Against Crypto Scams
The recent bust of an overseas crypto gang operating in Odisha highlights India’s determination to tackle cryptocurrency scams. With rising incidents of fraud and investor vulnerability, the government has tightened regulations and increased scrutiny over illicit crypto trading. By adding digital assets to its watch list and subjecting cryptocurrency exchanges to money laundering laws, India aims to protect investors and curb fraudulent activities in the crypto space. However, it remains crucial for individuals to exercise caution and conduct thorough research before engaging in any crypto-related investments or transactions.
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