The number of crypto scams in India is on the rise, with investors losing an estimated Rs. 70 crore in 2022. The most common types of scams include Ponzi schemes, investment scams, and phishing scams.
Do research before investing in cryptocurrency. Because there are many fraudsters out there, it is critical to only invest with reputable exchanges and wallets.
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Crypto Investors in India Under Threat from P2P Scams
The news that the authorities had confiscated many bank accounts associated with Binance P2P transactions shocked the Indian crypto community. This was viewed as a significant move by the government in combating fraud and fraudulent acts including cryptocurrency.
The Indian government is fixing down on peer-to-peer (P2P) scams by freezing bank accounts associated with these operations. This is in reaction to concerns of rampant fraud and scams involving peer-to-peer crypto transfers.
The problems with P2P scams in India have been a hot topic for months.
Binance and its CEO, Changpeng Zhao, have been deafeningly silent in the face of mounting criticism from victims of P2P scams. The crypto community and regulators have also failed to take action to address the issue, leaving victims feeling abandoned and alone.
The cyber police are cracking down on cryptocurrency fraud, but their methods are causing collateral damage. Innocent people are having their bank accounts blocked, and they are receiving no assistance from the authorities.
The Indian crypto community is sounding the alarm about a wave of bank account seizures. Victims have formed a Telegram group to share information and support each other.
The government could take a proactive approach to regulating cryptocurrency transactions by providing clear guidelines on how to proceed safely and securely.
Indian Engineers Lose 43 Lakh INR
Engineers have fallen victim to a crypto investment scam, losing a total of 43 lakh INR ($52,054). The two engineers, one from Purighat and the other from CDA were lured to a fraudulent website that promised high returns on investment.
The victims have filed a complaint with the online police department about the scam they were tricked into. They were first contacted on WhatsApp and were then asked to join a team and complete assignments.
The two engineers were lured into a scam that promised them instant payments and high returns. They were initially paid after finishing work, but then they were told that they had to make an initial investment before they could reap the benefits. This was all a lie, and the scammers ended up stealing around 20 lakh INR from one engineer and 23 lakh INR from another. The police investigation is underway.
The Mira-Bhayander police have provided a glimmer of hope for victims of cybercrime. They were able to recover 33 lakh INR from an e-wallet belonging to a Chinese individual after contacting a Seychelles-based cryptocurrency exchange.