In 2015, cryptocurrency firms began emerging, attracting thousands of investors with promises of high monthly returns (10-40%).
Many investors lost significant amounts, including ₹50 lakh, when these firms stopped providing returns and disappeared.
The Enforcement Directorate (ED) has been investigating cryptocurrency fraud, with assets worth ₹4.56 crore attached in the BTC Fund case.
The ED has investigated 122 cryptocurrency fraud cases since 2017, with victims losing tens of thousands of crores of rupees.
In 2015, the Gain Bitcoin platform, founded by Amit Bharadwaj, allegedly swindled investors out of 80,000 Bitcoins, worth ₹6,600 crore in 2017.
Victims of Gain Bitcoin are still fighting to recover their money through legal channels.
The ED has seized assets worth over ₹180 crore in the Gain Bitcoin case and is conducting investigations in multiple states.
Fraudsters use Ponzi schemes and fake Bitcoin platforms to lure victims, then disappear with their investments through complex transactions, often involving the Dark Web.
India ranks fifth globally in cryptocurrency-related complaints, with increasing fraud cases in states like Haryana.
Police stress that early reporting of suspicious activity could help recover 70-80% of lost investments.
Cryptocurrency’s legal status in India is unclear, but the taxability of crypto trading implies some form of legal recognition, despite ongoing violations.
COMMENTS