Bitcoin

Scammers in India don’t seem to stop

India has become the center of phone fraud. Let’s call it a lack of tough regulatory measures to stop such activity or resistance from scammers to start over every time your business fails. But call center fraud has only increased in the country.

As cryptocurrencies are slowly gaining importance on the subcontinent, Fraud groups are also taking advantage of the population’s increased interest in digital assets.

The founder and CEO of the blockchain research and cryptocurrency company Crebaco, Sidharth Soganisaid Cointelegraph that until now, The most common are tiered marketing programs and fixed-rate crypto investment programs.

Scammers in India don’t seem to stop
Scammers in India don’t seem to stop

Sogani said that New and inexperienced cryptocurrency users often choose to bypass the technical details of these investment plans and deposit their money instantly for quick cash.

The people who carry out these scams They target the rich with black money You cannot deposit money into bank accounts or invest in other assets.

After receiving the funds, Scammers launder money in other countriesSogani explained.

Between 2017 and 2019 Indian investors lost nearly $ 500 million to fraud operated inside and outside the country.

Cointelegraph reported on it too Criminals target wealthy entrepreneurs stealing huge sums of money at once. Two of these entrepreneurs lost $ 50,000 and $ 3 million to crypto fraud.

Sogani stressed that it is vital for Indian regulators to step into the crypto room and put in place laws that could protect users from fraud.. When cryptocurrency prices rise again, more scams will occur as people invest for fear of losing money. He said banning crypto won’t solve the problemas people will continue to invest directly in cash:

“I think a compliance framework is required for all cryptocurrency projects that want to run in India. Once that is done, things will get better. Users will know about it and awareness will only increase if the government tells them that this ecosystem exists is regulated. “

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