As more Indians start investing in cryptocurrencies, many of them young, reports of frauds are starting to rise. From fake giveaways to bogus initial coin offerings and identity thefts, fraudsters are trying every ploy in the book to fleece new-to-crypto investors.
No official data exists on India’s cryptocurrency ecosystem — not on investments and not on frauds. These tokens continue to exist in regulatory no-man-lands. But ask around and you know the interest is high. And so are the complaints about fraud.
MD Sharath, superintendent of police— cybercrime division, Bengaluru, told BloombergQuint that they are receiving more and more complaints on fake investment schemes linked to cryptocurrencies. Most victims of such frauds, he said, are below 45 years of age.
“Most of the crypto-related frauds that we have seen over the past year were either reported against those who collected money to invest in crypto and then disappeared, or those who promised…