The Indian Ministry of Home Affairs, through its Cyber Crime Coordination Centre, has teamed up with Google and Facebook as part of its efforts to address the growing issue of cryptocurrency scams across the country.
In its 2024 annual report, the Ministry highlighted that vulnerable groups, including unemployed youths, housewives, students, and financially distressed individuals, are losing significant sums of money—often borrowed funds—daily to “pig butchering” scams and investment frauds.
It claimed that these schemes rely on fake investment opportunities promoted via Google ads and messaging platforms like WhatsApp and Telegram, preying on victims’ desperation with promises of quick, substantial returns.
According to the Ministry, the new collaboration with the tech giants will be focused on flagging malicious advertisements, identifying fraudulent digital lending apps, and detecting phishing campaigns associated with these scams.
The Ministry also noted that it has started conducting specialized cryptocurrency investigation training sessions nationwide to equip law enforcement officials with the skills needed to trace crypto transactions, seize digital assets, and analyze blockchain evidence.
Crypto exchanges have also been integrated into the country’s Citizen Financial Cyber Frauds Reporting and Management System to enhance these efforts. The Ministry claimed that this centralized platform facilitates coordination among law enforcement agencies, financial institutions, payment wallets, and crypto platforms to detect and block suspicious cryptocurrency transactions swiftly and prevent illicit fund flows.
India’s widespread grassroots adoption of cryptocurrency has made it a prime target for international fraud rings. Last year, Binance collaborated with Indian authorities multiple times to dismantle crypto-related scams. One notable case involved a web3 gaming app named Fiewin, which posed as a legitimate platform, lured users to deposit funds, and froze accounts once a threshold was reached. Binance’s Financial Intelligence Unit played a critical role by tracing laundered funds and identifying the culprits, underscoring its commitment to combating crypto fraud.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
