The reputable retired professor at the University of Mumbai recently fell into a cryptocurrency scam, losing 1.93 crores.
The victim was trapped in a social media romance before being deceived.
The 62-year-old retired professor at the highly-reputed University of Mumbai recently was tricked into losing 1.93 crores in cryptocurrency scams. The victim is said to have been targeted through fake online relationships on Facebook by a woman named Ayesha. Authorities have since registered an FIR for cybercriminals involved in the case.
The tragic story of a victim of a crypto fraud lost 1.93 crores
Reports say Ayesha, a Crypto scammer, became friends with a retired professor online on social media platforms and shared daily conversations to gain trust with him. She informed the victim about the cryptocurrency and suggested he invest in it. Afterwards, Ayesha steals his qualification and asks him to use his qualification to open a Binance account and deposit money into it before blocking his contacts.
However, the tragedy did not end there. Another con man named Koyal approaches him and promises to collect the lost funds. However, after making some payments under different circumstances and profits, the professor eventually realized that he had been scamed.
Legal measures against cybercrime
Cyber West Division registers lawsuits against unknown cybercrimes based on various sections of the Information Technology Act. To report these types of cybercrimes, the Reserve Bank of India now has access to the National Cybercrime Reporting Portal. Under Indian federal law, crypto hacking and fraud can result in three to ten years’ imprisonment and a large fine.
Lack of specific cryptography in India
In June, the Indian government planned to release a discussion paper to establish a regulatory framework for cryptocurrency. However, the law has never been enacted, and the country still has no specific cryptography to address crimes related to digital assets. Despite India’s over 100 million crypto users and long-standing regulations, India remains in the grey region of cryptocurrency.
Final Thoughts
Over the past few months, India has established tax policies, reporting requirements and anti-money laundering (AML) regulations, but the regulatory framework still lacks laws against crypto fraud. Industry investors hope that the government will soon release a discussion paper and address crime amid other necessary crypto regulations.
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