Indian police are investigating dozens of fake cryptocurrency investment websites and mobile apps that may be masquerading as crypto exchange CoinDCX.
Delhi Police said it has received numerous complaints from affected users who invested in digital assets. For example, a 24-year-old Indian engineer claims to have started using one of these apps last month and invested about 14 lakh rupees (about $16,800). However, when he tried to withdraw the money, he was asked to transfer 4.65 lakh rupees ($5,500) as tax. Other victims had to pay much more.
According to the investigative report, no arrests have been made yet, but the name of the cryptocurrency exchange CoinDCX appears in the lawsuits. The management of this exchange stated that we are talking about fraudulent websites and applications that imitate the trading platform. However, a senior police officer said that CoinDCX has not yet filed a formal complaint.
“This is a problem that many players in the fintech and cryptocurrency space are facing. We have already reported these threats to the Computer Emergency Response Team (CERT). We have contacted the Ministry of Electronics and Information Technology of India, providing them with a list of fraudulent websites, and have sought their assistance in removing them,” a CoinDCX spokesperson said.
Delhi Police said it has received numerous complaints from affected users who invested in digital assets. For example, a 24-year-old Indian engineer claims to have started using one of these apps last month and invested about 14 lakh rupees (about $16,800). However, when he tried to withdraw the money, he was asked to transfer 4.65 lakh rupees ($5,500) as tax. Other victims had to pay much more.
According to the investigative report, no arrests have been made yet, but the name of the cryptocurrency exchange CoinDCX appears in the lawsuits. The management of this exchange stated that we are talking about fraudulent websites and applications that imitate the trading platform. However, a senior police officer said that CoinDCX has not yet filed a formal complaint.
“This is a problem that many players in the fintech and cryptocurrency space are facing. We have already reported these threats to the Computer Emergency Response Team (CERT). We have contacted the Ministry of Electronics and Information Technology of India, providing them with a list of fraudulent websites, and have sought their assistance in removing them,” a CoinDCX spokesperson said.
