crypto scam
India
India’s crypto space is experiencing a surge in sophisticated scams exploiting regulatory gaps and investor enthusiasm. Authorities are intensifying crackdowns on everything from fake exchanges to Ponzi schemes.
Last updated: March 27, 2025
Journalist
Hassan Shittu
Journalist
Hassan Shittu
About Author
Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in…
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Last updated:
March 27, 2025 at 12:42 GMT+2
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Indian authorities have arrested five individuals linked to a large-scale crypto fraud that defrauded an unsuspecting businessman of approximately $700,000 (INR 6.16 crore).
According to a local report, the scam was orchestrated through a fake trading platform masquerading as a legitimate Japanese cryptocurrency exchange, ZAIF.
Big ROI Lured Indian Businessman.
The cybercrime wing of Odisha’s state Crime Branch led the operation, uncovering how the fraudsters lured victims with promises of exorbitant returns on crypto investments.
The scheme began in May 2024 when the victim, a businessman from Berhampur, was contacted on Facebook by a woman claiming to be a Hong Kong-based software developer.
She introduced him to the bogus trading…
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