From Call Centers to Cryptos: India's Scammers Don't Seem to Stop

As cryptos gain ground in India and Bitcoin price spikes, Indian scammers are likely to make the most of the opportunity.

Listen to article India is the hub for call center scams.

Call it a lack of strict regulatory measures to stop such activities or the scammers' resilience to start over every time their business is busted, but call center scams have only grown more prevalent in the country.

With cryptocurrencies slowly gaining ground in the subcontinent, groups of scammers are also taking advantage of Indians' increased interest in digital assets.

Individuals operating these scams also target rich people with black money who cannot deposit their funds in bank accounts or invest in other assets.

Upon receiving the funds, the scam operators launder the money in other countries, Sogani stated.

Between 2017 and 2019, Indian investors have lost almost $500 million to scams operated within India and abroad. Cointelegraph also reported that scammers are targeting rich Indian businessmen to steal huge sums of money in one fell swoop.

Two such businessmen lost $50,000 and $3 million to crypto scams.

Sogani stressed that it was crucial for Indian regulators to step into the crypto space and create laws that can safeguard crypto users from scams.

As cryptocurrency prices start to rise again, there will be more scams as people invest due to a fear of missing out.