Mumbai Police have arrested a man for allegedly defrauding a senior executive of over Rs 60 lakh under the guise of cryptocurrency investment.
A 42-year-old insurance consultant from Mumbra, Thane, was allegedly defrauded of over 71 lakh by cyber criminals through a cryptocurrency investment scheme.
A 44-year-old man from Thane has been booked for allegedly defrauding seven investors of Rs 1.61 crore by promising high returns on cryptocurrency investments.
The Uttar Pradesh Special Task Force (STF) has dismantled two significant fraud operations involving crores of rupees in fraudulent share market, cryptocurrency, and forex schemes, leading to multiple arrests and uncovering a vast network of deceit.
The CBI has arrested an Indian national accused of trafficking citizens to cyber scam compounds in Myanmar, where they were forced to participate in cyber fraud.
Industrialist Pawan Ruia has been arrested by the West Bengal Police in connection with a multi-crore fraud case involving shell companies and cryptocurrency-based money laundering.
Delhi Police arrested a 22-year-old woman for allegedly providing mule bank accounts to an interstate cybercrime network, recovering numerous ATM cards, cheque books, and electronic devices.
Over 700 doctors in Telangana have collectively lost nearly Rs 30 crore to various cyber frauds since September 2024, prompting the Telangana Cyber Security Bureau to hold an awareness meeting for healthcare professionals. Business and investment frauds accounted for the largest share of losses.
The Delhi High Court denied anticipatory bail to a man accused in an organised cyber fraud case involving the transfer of approximately Rs 1 crore in cryptocurrency. The court emphasised the need for custodial interrogation to unearth the larger conspiracy and recover the cheated amount.
Delhi Police dismantled multiple interstate cyber fraud syndicates in a month-long operation, arresting 35 and bringing 89 offenders to justice. The syndicates were involved in various scams, including digital arrest, investment fraud, and fake dating schemes, with transactions worth nearly Rs 40 crore.
Delhi Police have arrested two men in connection with separate cyber investment fraud cases involving over Rs 74 lakh. The accused were involved in luring victims into investing in fake stock trading and IPO platforms.
The CBI has conducted searches across multiple states in connection with a large-scale online financial fraud involving the overseas fintech platform 'Pyypl'.
Delhi Police busted an illegal forex trading call centre in Indore, arresting six individuals involved in defrauding victims nationwide through fake online investment schemes. The syndicate allegedly used a fake trading platform to lure people into investing in forex and online trading products, showing fabricated profits and gains.
The Bombay High Court has denied bail to a man accused of trafficking educated youth on the pretext of providing them jobs abroad, only to coerce them to carry out cyber fraud activities.
The Home Ministry has informed a parliamentary committee that security agencies utilise open-source intelligence, including social media, for information gathering, ensuring no privacy breach as personal data is not collected.
Delhi Police have dismantled a major international cyber fraud syndicate, arresting the alleged mastermind and 10 others. The syndicate is linked to over 2,000 complaints and scams worth over Rs 300 crore, with connections to international cyber fraud operations in Cambodia.
Sharing a screenshot of an article that stated his "recent investment had experts in disbelief and major banks concerned" as an example, he wrote, "If you see any articles or ads mentioning my association with cryptocurrency, they are absolutely untrue and meant to scam citizens."
The Central Bureau of Investigation (CBI) conducted searches at seven locations across India in connection with a Rs 350 crore crypto ponzi scam. The accused, operating seven modules in different cities, allegedly lured investors with promises of high returns on cryptocurrency investments. The CBI seized digital virtual assets totaling USD 38,414 in cryptocurrency wallets, cash amounting to Rs 34.2 lakh, and digital evidence, including mobile phones, laptops, tablets, hard disks, and memory cards. The agency registered the case under the Indian Penal Code and the Information Technology Act.
Two chartered accountants have been arrested by the Enforcement Directorate in connection with a money laundering case linked to a cyber fraud involving Rs 641 crore.
A new cyber fraud known as 'pig butchering scam' or 'investment scam' has emerged, targeting unemployed youths, housewives, students, and needy people who are made to lose large sums of money daily, according to the latest annual report of the Union home ministry.
The accused had links with six persons, arrested on November 3 from Morbi, Surendranagar, Surat and Amreli districts, for allegedly routing Rs 200 crore to Dubai-based cybercriminals using nearly 100 mule accounts, the release said.
Regularly monitor your account for any suspicious activity. Keep your devices updated with the latest security patches to prevent vulnerabilities. Ensure the physical wallet you use is stored securely to avoid loss or theft.
Fraudsters in Himachal Pradesh minted a series of a cryptocoins -- two of which were KRO and DGT -- to cheat thousands of investors of more than Rs 200 crore over a period of five years, beginning in 2018 -- the year the crypto reached fever pitch.
It said Naisar Kothari, a resident of Bhavnagar in Gujarat, was arrested under sections of the Prevention of Money Laundering Act (PMLA) and he has been sent to the ED custody till December 22 by a court.
Amid concerns over misleading claims of huge returns on cryptocurrency investment, Prime Minister Narendra Modi on Saturday chaired a meeting on the way forward on the issue, with government sources asserting that such unregulated markets cannot be allowed to become avenues for "money laundering and terror financing".
Targets should avoid panicking and hang up. 'Disconnecting stops the scammers from building psychological pressure.'
A single security lapse could lead to complete wipe out of your crypto assets in seconds, with no recovery in sight, warns Nikhil Sethi.
Avoid thinking of investment as some 'become millionaire in a week' scheme, says Nikhil Sethi, founder and MD, Zuvomo, a crowdfunding firm. Always think of long term gains and plan your trades accordingly.
Don't invest more than 5 per cent of your portfolio in bitcoin. The virtual currency's price has run up very fast and experts feel a correction may be around the corner.
'A key trend that one should expect to see is tonnes of failures.' 'Several blockchain-focused companies will fail.'
'The childhood urge to amass wealth may account for one's inexplicable urge to stockpile change, for there is nothing more gratifying than to lift a box heavy with one's treasure, more satisfying somehow than all the zeroes the Kochhars, Modis and Mallyas appear to have allegedly scammed our banks over,' says Kishore Singh.
As economic policy making moves from pragmatism to populism, the bulls begin to make way for cautious optimists.
