Crypto became a new way of cheating for cyber criminals, this is how they execute the crime

 

Cybercrime cases in the country continue to persist, with no signs of abating. Previously, these unscrupulous criminals would simply deceive people, but now they are transforming their victims into unwitting culprits, all in the name of cryptocurrency. Their ulterior motive behind this ploy is to secure the ill-gotten gains.

The modus operandi of these criminals involves targeting individuals who possess cryptocurrency. In India, individuals with cryptocurrency are obligated to pay approximately 30 percent tax on their profits to the central government. Exploiting this situation, the fraudsters make enticing promises to people, assuring them that if they sell their cryptocurrency, they will receive the entire sum. Trapped by the allure of quick money, people easily succumb to their schemes and proceed to transfer their cryptocurrency through peer-to-peer transactions.

Also Read: Cybercrime in Nagpur - Cyber Blackmailer Couple Arrested in Pune for Extorting Money

In return, the criminals transfer the looted money to people's bank accounts through cyber fraud and various other methods. In such cases, when the police investigate, the common man unwittingly becomes the recipient of the illicit funds without any knowledge of being involved in fraudulent activities. Simultaneously, the cyber thugs send these cryptocurrencies to their counterparts abroad, where they are put to use. The Jodhpur Cyber Police have come across numerous such cases.

One such case involves a handicraft trader named Arvind Kalani, residing in the Paota area, who was cheated out of a staggering 16 crore rupees. In this instance, the police managed to recover only 7 crore rupees for the businessman, while the remaining amount was transferred overseas by the cyber criminals through cryptocurrency. The investigation into this matter is still ongoing.

These incidents shed light on the complex and ever-evolving nature of cybercrime. The misuse of cryptocurrency by criminals poses significant challenges for law enforcement agencies. While efforts are being made to apprehend the perpetrators and recover the stolen funds, it is crucial for individuals to exercise caution and stay informed about the risks associated with cryptocurrency transactions.

To combat this growing threat, the government needs to establish robust cybersecurity frameworks and strengthen regulations concerning cryptocurrency. Enhancing public awareness through educational campaigns is equally important. Individuals should be encouraged to exercise diligence while engaging in cryptocurrency-related activities, such as verifying the credibility of platforms, employing secure wallets, and adhering to best practices for online security.

Furthermore, international cooperation is vital in tackling cross-border cybercrime. Collaborative efforts between law enforcement agencies and financial institutions can help trace the flow of illicit funds and apprehend those responsible. Close monitoring of cryptocurrency exchanges and implementing stringent know-your-customer (KYC) procedures can aid in preventing the misuse of these platforms.

In conclusion, the surge in cybercrime, particularly those involving cryptocurrency, continues to pose significant challenges for the country. Unscrupulous individuals exploit the promise of quick money, ensnaring innocent victims and perpetrating complex fraud schemes. It is essential for both the government and citizens to work together in addressing this issue. By implementing robust cybersecurity measures, raising public awareness, and fostering international collaboration, we can strive to mitigate the impact of cybercrime and safeguard the interests of individuals and businesses.

Also Read: Kashmiri Brother-in-Law could not show Kamal, and pressure on Nagpur police failed

Let's take a look at the statistics concerning cyber fraud:

• On a daily basis, approximately 50 to 100 individuals fall victim to fraud, experiencing the devastating consequences of cybercrime.

• Shockingly, a substantial amount of money, amounting to crores of rupees, is swindled in a single day through various fraudulent schemes orchestrated by cybercriminals.

• Each day, an average of 2 to 3 cases are registered at every police station, highlighting the alarming frequency at which cybercrimes are being committed.

• Over a span of six months, a total of 61 cases have been officially registered, indicating the prevalence and persistence of cyber fraud across the region.

• It is worth noting that only 5 cases out of the 61 registered have been specifically categorized under cybercrime and consequently investigated by the dedicated cyber police station. This discrepancy raises concerns about the underreporting and lack of specialized attention given to cybercrime cases.

Let's explore how cryptocurrency operates and functions:

Cryptocurrency transactions operate on a decentralized technology known as the blockchain. This technology serves as a distributed ledger that records and verifies every transaction made with cryptocurrencies. There are thousands of cryptocurrencies available, and people engage in buying and selling activities on a daily basis. Among these cryptocurrencies, Bitcoin holds the position of being the most popular and widely recognized.

However, it is unfortunate that cryptocurrencies, including Bitcoin, have gained a reputation for being involved in illegal transactions. These illegal activities have prompted the establishment of a cyber police station in Jodhpur, aimed at addressing such cases. Nonetheless, one of the challenges faced by the authorities is the lack of specialized technology and resources required to fully comprehend and investigate the intricacies of cryptocurrency processes.

Cyber experts highlight the alarming frequency at which individuals in the city fall victim to fraud on a daily basis. Furthermore, these frauds accumulate substantial sums, amounting to crores of rupees, within a single month. A new fraudulent method has emerged, wherein individuals are initially deceived, and the ill-gotten funds are subsequently converted into cryptocurrency and sent to foreign countries.

Source: https://www.the420.in/how-crypto-became-a-new-way-of-cheating-for-cyber-criminals/