India has been facing an increase in fraudulent crypto schemes. Tech giants Google and Facebook have joined the country's efforts to identify and prevent these crimes.
Spread of Fraudulent Schemes
According to the 2024 annual report from India's Ministry of Home Affairs, scams known as Pig Butchering have been targeting unemployed youths, housewives, students, and needy individuals, exploiting their financial insecurities with promises of quick and substantial profits.
Countermeasures and Citizen Protection
The Indian Cyber Crime Coordination Centre, in collaboration with Google and Facebook, is working to flag and block malicious ads, fraudulent apps, and phishing campaigns. Crypto exchanges have also been integrated into the financial cyber crimes reporting system to expedite the detection and blocking of suspicious transactions.
Involvement of Indian Authorities in Scam Investigation
Specialized training is conducted nationwide for police on cryptocurrency crime investigation and blockchain data analysis. For example, over $3 million in assets linked to the fraudulent scheme Highrich were frozen in June 2024. Concurrently, the authorities have increased oversight of the unregulated crypto sector.
Indian authorities, together with tech companies, are taking considerable steps to combat crypto fraud, highlighting the seriousness of the situation and the need to protect citizens.
