THIRUVANANTHAPURAM: Investment fraud is on the rise in the digital world in the name of crypto, the new-age currency. 'At just half the price, you can own more than double the value of cryptocurrency! It can be sold for ten times the price in the future." People from Kerala are also getting caught in the trap of fraudsters in the name of cryptocurrency, which exists only in digital form.
A businessman from Kozhikode lost 2.85 crores this month like this. The money was deposited through a woman whom he befriended through Instagram. Scammers will add credibility by claiming that it is a site invested in by Elon Musk and Bill Gates. Crypto will not be given once cash is received.
According to the National Crime Records Bureau, cryptocurrency crime in India has increased by 50 percent in three years. CBI detected a cyber financial fraud of 100 crores across the country in Operation Chakra-II yesterday.
Many people are deceived by advertisements on social media. There are fraudulent apps, software and fake exchanges that accept money without giving currency in return. It is difficult to lock down fraudsters as there is no RBI supervision of cryptocurrency in the country. 24 - 45 years old are the most likely victims. The other state lobbies are the ones setting the trap.
Crypto in the Dark Web
There are countless amounts of cryptocurrency flowing into the world's most illicit cyber underworld, the 'dark web'. Crypto is used for everything from buying counterfeit goods to killing people.
What is cryptocurrency?
Be careful
'Since cryptocurrency is new, many people are unaware of the potential risks of investing in it.'
-Vijay Thomas, cyber expert