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Special Investigative Team To Probe Crypto Frauds In India

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India has been awash with a spate of crypto-related frauds. In a country where many cryptocurrency scams go unreported, the scams that have become public knowledge have had policemen playing prominent roles in them. One of them was even orchestrated from start to finish by police officers.

Despite the fact that cryptocurrency is outlawed by Indian laws, crypto-related scams, however, continue to take center-stage in cybercrimes committed in the Asian country. Perturbed by this negative trend, the Indian government is out to tackle cryptocurrency crimes in a special way.

The Legislature Is Worried

Last week, leader of the opposition in the legislative House, Dhananjay Munde, and sixteen other members sponsored a “Attention Calling” motion, calling the executive arm’s attention to the increasing degree of cryptocurrency-related frauds in the country.

Executive Response

In response to the Calling Attention motion last Tuesday, the Minister of State for Home, Deepak Vasant Kesarkar, disclosed that a Special Investigative Team (SIT) will be formed in Maharashtra to ensure that all cryptocurrency-related frauds are speedily investigated.
Speaking further, he said that SIT will be lead by a high-ranking official from the Director General of Police office.

Detailing the mandate of the team, Mr. Kesarkar revealed that SIT has a task of taking over all the scams related to cryptocurrency from various units of Indian police and will probe all assets connected to cryptocurrency frauds perpetrated in the country. He said that SIT is expected to carry out all the investigations and submit its report within three months.

Summary Of Cryptocurrency Frauds

Indian cities of Nanded, Kolhapur, Thane and Pune have recorded high cases of cryptocurrency frauds recently. On average, investors from the above-mentioned cities have parted with nearly 2,000 crore ($300,000,000) in cryptocurrency deals and trades. Most of the crypto-related crimes involve high yield investment programs (HYIP) and multi-level marketing.

A Recent Cryptocurrency-related Fraud

Recently, the main opposition party in India, the Indian Congress Party, accused the members of the governing party of participating in a massive cryptocurrency scandal involving over $700 million.

Responding to the claims through its spokesman, the governing party dispelled all the allegations, calling it “laughable.” The leading party nonetheless admitted that a member of its party had been fingered in the fraud but said that the police was still investigate the matter in a bid to bring the culprits to justice.

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