Cryptocurrency remains largely a wild-west sector in India with respect to regulation

As AZCoin News reported, India has emerged as a country that can displace crypto dominance. And this leads to rampant crypto scams. In it, scammers have stolen millions of rupees from people and sometimes their life savings.

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Crypto fraudster dupes India

Recently, a man posing as a woman claimed to be a crypto expert, offered crypto investments, and even offered people a plot of land on the moon.

Meanwhile, a woman was recently offered a good return if she invested $616 with a woman believed to be Uska Abubakar. After the woman transferred $338 to the scammer, she never received any return and subsequently filed a complaint with the police on August 19, 2021. Police arrested one young man named Akash Narayana, to whom the plaintiff’s account was transferred. It is unclear if the scammer and the account holder are the same people.

According to a recent study by Kantar, India is still largely unregulated in the crypto industry. Still, it has proven popular among 21 to 35-year-old individuals living in the region’s large urban areas. Individuals in this age group own some form of cryptocurrency. The most popular cryptocurrency is Bitcoin (BTC), followed by Dogecoin (DOGE), Ethereum (ETH), Binance Coin (BNB), and XRP.

After interviewing 2,000 people in major Indian cities such as Delhi, Mumbai, Kolkata, and Hyderabad, the study documented the results. Delhi, Mumbai, and Bangalore lead the group with the most interest in cryptocurrencies, followed by Hyderabad and Pune.

The majority interviewed are looking to understand cryptocurrency and determine if it is worth the investment. Exchanges like WazirX and Zebpay are among the exchanges used by Indians.

Cryptocurrency-related fraud is nothing new in India. Sometimes people have been scammed for their life savings in scams.

During the crypto bubble of 2017, Umesh Verma started Pluto Exchange, offering a new coin and India’s first mobile wallet. Verma opened a crypto exchange in 2017, promising 20%-30% monthly returns, attracting 43 entrepreneurs to invest over $270,000.

Incentives have been provided to customers to bring in new customers, which has led the Indian authorities to classify it as a Ponzi scheme. Verma was arrested in early 2021. Police in the Indian state of Haranya also recently arrested four fraudsters in June 2021 who lured people in by claiming that they owned 1,871 BTC in a wallet belonging to the Binance exchange.

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