Indian authorities are investigating a crypto trading app called “Datameer,” accused of defrauding over 700 individuals of INR 10 million (approximately $119,000), according to a local report.
Sadar’s superintendent of Police and Cyber Wing head, Pankaj Kumar Rasgania, reportedly stated that the app launched in April 2024 and operated for five months, attracting investments of various sizes. The scammers promoted their scheme through social media, promising substantial quick returns.
The report indicated the platform lured unsuspecting investors with promises of returns as high as 50%, claiming their money was being invested in cryptocurrencies.
Meanwhile, this incident has raised concerns about potential international connections, particularly with China. The local report claimed that preliminary investigations indicate that the perpetrators behind the Datameer app are scattered across different parts of the country, with some links to Hong Kong.
Local law enforcement agents are reportedly collaborating with cyber wing experts from various police forces nationwide, and further details will be revealed as the investigation unfolds.
Similar links have been uncovered in previous investigations by Indian authorities. In March, the Enforcement Directorate (ED) filed charges against 299 entities, including some of Chinese origin, for a mobile app scam called “HPZ Token.” Investors were allegedly defrauded over promises of high returns through cryptocurrency mining.
In a separate incident, Indian authorities recently arrested four individuals accused of running a fraudulent cryptocurrency platform that scammed victims out of over $90,000. The suspects had posed as representatives of a fake trading company, GBE Crypto Trading, a name likely chosen to mimic the reputable GBE Brokers. They promoted the fraudulent trading app through social media platforms like WhatsApp and Telegram, concealing their identities with virtual phone numbers and VPNs.
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