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Bitcoin Boom Results In New Cryptocurrency Frauds In Indian Market

Cryptocurrency in India has become a very uncertain and volatile market with so many scams popping up one after another in the market. Even though Reserve Bank of India has imposed a ban on any kind of transaction in digital currencies there are crypto-preneurs dealing in them. The much-hyped virtual currency Bitcoin made its way in India with buzz and attracted investor with its favorable trending prices in the market.

According to Scroll, one of the most prominent scams of digital currency came up last year. Traders and investors began complaining against cryptocurrency firm GainBitcoin founder Amit Bhardwaj. It is reportedly said that the scam involved a whooping amount of Rs 2,000 crore which is approximately $300 million involving around 2000 investors. Also, noted that British businessman tycoon Raj Kundra and a few more Bollywood celebs have been involved in the scam. This is one of the biggest virtual currency frauds in India till date.

Cryptocurrency In India: Frauds & Hacking

In the intial days of cryptocurrency in India, the frauds were limited to phishing and hacking. However, with the increased demand for Bitcoin, it is interestingly considered as a ransom by tech-savvy kidnappers. Other ways of duping include fake apps, social media accounts, ponzi schemes, exchanges and hacking.

Unfortunately, there is no act or rule for executing these criminals under one law. The cryptocurrency market in India goes unregulated as there is no actual agency screening such agencies and frauds. One of the digital assets exchange head stated that, money brings in scams and there is nothing to get surprised about it.

Of course, there have been frauds happening in the past. But a proper regulator act and agency must get in control of it. RBI and investor are battling a case against the ban in Supreme Court which is due for hearing next month.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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