Odisha, India has once again become the latest victim of cryptocurrency fraud in the country.
According to local media reports, the police busted an overseas crypto gang operating out of the city of Rourkela on Saturday.
The Cambodia-based network had allegedly scammed people out of $1.6 million over the past year using fraudulent mobile apps. The apps promised lucrative returns on fake cryptocurrencies to lure investors.
This incident comes just a week after another major crypto scam surfaced in Odisha. With crypto crimes on the rise, the Indian government has tightened regulations. Nine offshore bitcoin exchanges were recently issued show cause notices for violating anti-money laundering laws.
The government has also added digital assets to its watchlist, bringing crypto exchanges under money laundering regulations. However, factors like lack of investor awareness and absence of regulations continue to make India an easy target for such scams.
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