Solana

2024

April

Cyber

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Indian police are investigating the “Datameer” crypto trading app, which allegedly duped at least 700 locals out of inr 10 million.
According to a local <a href="https://assamtribune.com/north-east/meghalayas-online-investment-scam-over-700-duped-police-probing-nationwide-links-1551553?infinitescroll=1" target="_blank" rel="noopener noreferrer nofollow">report</a>, the scheme promised returns of up to 50% to unsuspecting investors who were told their funds were being invested in cryptocurrencies.
Once the investors transferred their money through the <a href="https://crypto.news/google-crypto-scammers-lawsuit-fake-apps/" target="_blank" rel="noopener noreferrer nofollow">fake app</a>, the app shut down, and the scammers disappeared. During the time it was active, the scam managed to dupe investors of more than inr 10 million (roughly $119,000). India has witnessed a spike in crypto demand despite a <a href="https://crypto.news/no-immediate-plans-for-crypto-regulations-in-india-says-minister-of-state/" target="_blank" rel="noopener noreferrer nofollow">lack of solid crypto regulations</a>, and a punishing <a href="https://crypto.news/indias-crypto-tax-rules-remain-unchanged-despite-industry-pressure/" target="_blank" rel="noopener noreferrer nofollow">taxation regime</a>, with the nation managing to <a href="https://crypto.news/indonesia-enters-top-3-countries-by-crypto-adoption-replacing-vietnam-chainalysis/" target="_blank" rel="noopener noreferrer nofollow">claim</a> the top spot in Chainalysis’ 2024 Global Crypto Adoption Index. However, this growing appetite for cryptocurrencies has opened doors for scammers who are <a href="https://crypto.news/indian-police-shut-down-fake-crypto-trading-platform-that-stole-over-90k/" target="_blank" rel="noopener noreferrer nofollow">exploiting</a> the hype.
The Datameer app, which reportedly surfaced in April 2024 and was active for five months, managed to draw in both small and large investments, Superintendent of Police and Cyber Wing head, Pankaj Kumar Rasgania, noted.
“The scammers lured gullible individuals through social media, encouraging them to invest in a scheme with promises of huge returns in a short period of time,” he added.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/crypto-scammers-target-indian-premier-league-team-to-promote-solana-token/"> Crypto scammers target Indian Premier League team to promote Solana token </a>
Preliminary investigations suggest that the perpetrators behind the app are spread across the country, with some evidence pointing to connections in <a href="https://crypto.news/hong-kong-busts-190m-crypto-money-laundering-ring-report/" target="_blank" rel="noopener noreferrer nofollow">Hong Kong</a>. Authorities are currently coordinating with cyber wing experts from police forces nationwide, and more information will be disclosed as the investigation progresses.
Scams such as these have raised concerns due to their potential international links, particularly to regions in China. Similar connections have previously surfaced in other cases investigated by Indian authorities.
Back in March, the Enforcement Directorate (ED) <a href="https://crypto.news/indias-ed-leads-crackdown-on-cryptocurrency-scam-with-charge-sheet-against-299-entities/" target="_blank" rel="noopener noreferrer nofollow">filed</a> a charge sheet against 299 entities, including individuals of Chinese origin, under anti-money laundering laws. These entities were tied to a mobile app called “HPZ Token,” which allegedly duped investors with promises of high returns from cryptocurrency mining.
In another case, crypto scammers <a href="https://crypto.news/crypto-scammers-target-indian-doctor-via-drugs-in-parcel-scam/" target="_blank" rel="noopener noreferrer nofollow">tricked</a> a doctor in India into transferring over $35,000 in a drugs-in-parcel scam. Authorities found that the stolen funds were funneled through multiple bank accounts, swapped for cryptocurrencies, and transferred to accounts in China and Taiwan.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/crypto-scammers-target-indian-doctor-via-drugs-in-parcel-scam/"> Crypto scammers target Indian doctor via ‘drugs in parcel’ scam </a>

Indian police probe INR 10m crypto investment scam with suspected link to Hong Kong

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