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<p>Crypto scams have been on a steady rise in India.&nbsp; In one such incident, police in the Indian state of Odisha busted a gang of people who were involved in fake cryptocurrency transactions, according to local media reports. The scam has occurred at a time when the Indian government is trying to intensify scrutiny over the sector.</p>
<h2 id="gang-involved-in-crypto-scam-busted-in-odisha">Gang involved in crypto scam busted in Odisha</h2>
<p>According to local media <a rel="noopener noreferrer nofollow" href="https://odishatv.in/news/odisha/cryptocurrency-gang-busted-by-bolangir-police-prime-accused-arrested-luxury-car-seized-225635" target="_blank">reports</a>, the city of Bolangir in Odisha, India saw a new type of crypto scam. The police in the area made a breakthrough on Saturday when they apprehended the main suspect of a local gang. The group members of the gang allegedly participated in fake cryptocurrency transactions.</p>
<p>The gang members used fake cryptocurrency transactions and lured people with tours of Thailand and Dubai. They were using a variety of websites and apps to scam individuals.</p>
<p>Through fake cryptocurrencies, the gang had obtained over $1.5 million from various investors. To conceal their transactions, they also established a multi-level marketing organization called “Pegmatite Sustainable Solutions Private Limited”.</p>
<p>Previously, in July 2022, the alleged accused and his members had introduced a digital currency, which had a value of $0.0012. They then told people that the new value had increased to $0.010 after some time.</p>
<p>The group members were falsely encouraging people to invest in their coins by deceitfully inflating their worth. The police have also collected other significant papers and a high-end vehicle from the accused’s custody.</p>
<h2 id="increase-in-crypto-scams-in-india">Increase in crypto scams in India</h2>
<p>According to surveys conducted by local media, Indian investors are readily duped by cryptocurrency scammers. The majority of these scams occur on the Telegram messaging app.</p>
<p>The Indian audience is more influenced by a lack of rules, inexperienced new investors, and a lack of knowledge about digital media. Online scammers find it simpler to con the masses of Indians when they see that everything and everyone may be believed.</p>
<p>A Delhi-based Indian engineer <a href="https://coingape.com/crypto-scam-indian-engineer-loses-15000-on-telegram/" target="_blank" rel="noopener noreferrer nofollow">lost</a> $15,000 on Telegram not so long ago.</p>
<h2 id="indian-government-tightens-regulations-to-curb-crypto-scams">Indian government tightens regulations to curb crypto scams</h2>
<p>The Indian government has started imposing stricter laws to curb the sheer number of crypto scams taking place in the country.</p>
<p>Previously the Financial Intelligence Unit (FIU) had&nbsp;<a href="https://coingape.com/blog/binance-investors-seek-alternatives/" target="_blank" rel="noopener noreferrer nofollow">sent</a>&nbsp;a show cause notice to nine offshore cryptocurrency exchanges. The FIU sent a the stating that the exchanges were “illegally operating” and had violated India’s anti-money laundering laws.</p>
<p>The government has also included digital assets under its watch list making money laundering provisions applicable to India’s cryptocurrency markets as well.</p>
<p>The post <a href="https://coingape.com/crypto-scam-group-conducting-fake-crypto-transactions-busted-in-indias-odisha/" rel="noopener noreferrer nofollow">Crypto Scam: Group Conducting Fake Crypto Transactions Busted in India’s Odisha</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Crypto Scam: Group Conducting Fake Crypto Transactions Busted in India’s Odisha

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