Crypto fraudsters have run amok in India, dispossessing people of millions in rupees, and at times their entire life’s savings.
In India, individuals are increasingly becoming victims of scams, like the most recent one, where a male impersonating a woman has claimed to be a crypto expert, offering to invest crypto, and even offered people an area of land on the moon. A woman was recently offered “good returns” if she invested Rs 45700 with a lady supposedly named Uska Abubakar. After the woman transferred Rs 25100 to the fraudster, she never received any returns and subsequently filed a complaint with the police on August 19, 2021. The police have arrested a young man named Akash Narayana, to whose account the plaintiff’s money was transferred. It is not clear whether the fraudster and the account holder are one and the same person.
Crypto is still largely unregulated in India
India remains largely unregulated when it comes to the crypto industry, yet it has proved popular amongst individuals aged 21 to 35 who live in large metropolitan areas, according to a recent study by Kantar. The individuals in this age group own some form of cryptocurrency. The most popular cryptocurrency is Bitcoin followed by Dogecoin, Ethereum, Binance, and Ripple.
The study recorded the results after interviewing 2000 people in major Indian cities like Delhi, Mumbai, Kolkata, and Hyderabad. Delhi, Mumbai, and Bangalore led the pack with the most crypto…