A doctor in India fell victim to crypto scammers, losing over $35,000 in a drugs-in-parcel scam. According to local media, the victim, residing in Maharashtra, received a call from scammers who claimed that a parcel sent by her to Thailand contained “MD drugs,” along with three passports and three SIM cards.

Police officials state that the scam occurred between Aug. 2 and 6. The scammer pressured the victim to download a mobile application to purchase INR 30,86,535 worth of cryptocurrencies, approximately $36,763. The doctor was then instructed to transfer the amount to multiple bank accounts, making it difficult for law enforcement to trace the funds.

Typical of such scams, the perpetrators posed as legitimate organizations, such as the police, a courier service, or a government agency. They used fear tactics to create a sense of urgency, claiming the victim might face legal trouble. Payments, often in cryptocurrencies, were presented as immediate solutions to avoid further issues. Once the victims complied and transferred the funds, the scammers vanished.

India has witnessed several such scams in recent years. A cybercrime probe in Pune in December 2023 revealed that over 12 victims had collectively lost more than $480,000 in similar scams.

Investigations showed that the funds acquired through these scams were laundered via multiple bank accounts before being converted into cryptocurrencies and transferred outside of India to countries like China, Dubai, and Taiwan.

To prevent such incidents, Indian regulators have tightened regulations around cryptocurrency exchanges. India’s Financial Intelligence Unit (FIU) has mandated that cryptocurrency exchanges register with the regulator. Platforms not registered with the FIU are blocked.

Moreover, the nation’s Enforcement Directorate has been actively targeting fraudulent investment schemes that exploit the popularity of cryptocurrencies to deceive investors. Despite these efforts, crypto crimes in India have continued to rise, with some law enforcement officials also found guilty of involvement in such activities. Without a specific regulatory framework for cryptocurrencies, these crimes are prosecuted under existing laws.

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