Indian Police Investigates 'Datameer' Crypto Trading App Scam

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by Giorgi Kostiuk

2 years ago

Made with AI

  1. Details of the Allegation
  2. Scale and Methods of Operation
  3. Previous Scam Cases


    4. Indian police have launched an investigation into the 'Datameer' crypto trading app, which allegedly defrauded over 700 individuals of INR 10 million (approximately $119,000).

    Details of the Allegation

    According to a local report, the scheme promised returns of up to 50% to investors who were told their funds were being invested in cryptocurrencies. However, after investors transferred their money through the fake 'Datameer' app, it shut down, and the scammers disappeared.

    Scale and Methods of Operation

    The 'Datameer' app reportedly surfaced in April 2024 and was active for five months, drawing in both small and large investments. Superintendent of Police and Cyber Wing head, Pankaj Kumar Rasgania, noted that 'the scammers lured gullible individuals through social media, encouraging them to invest in a scheme with promises of huge returns in a short period of time'. Preliminary investigations suggest that the perpetrators behind the app are spread across the country, with some evidence pointing to connections in Hong Kong. Authorities are currently coordinating with cyber wing experts from police forces nationwide, and more information will be disclosed as the investigation progresses.

    Previous Scam Cases

    Scams such as these have raised concerns due to their potential international links, particularly to regions in China. In March, the Enforcement Directorate (ED) filed a charge sheet against 299 entities, including individuals of Chinese origin, under anti-money laundering laws. These entities were tied to a mobile app called 'HPZ Token,' which allegedly duped investors with promises of high returns from cryptocurrency mining. In another case, crypto scammers tricked an Indian doctor into transferring over $35,000 in a drugs-in-parcel scam. Authorities found that the stolen funds were funneled through multiple bank accounts, swapped for cryptocurrencies, and transferred to accounts in China and Taiwan.

    The investigation into such scam schemes highlights the need for stricter cryptocurrency market regulation in India and international cooperation to prevent such crimes.

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