June 23, 2024

With the increasing adoption and use of cryptocurrency comes related risks like scams, frauds, and other threats to users. Just like other jurisdictions across the globe, India has become a more decisive approach in its stance on crypto.

The government has successfully trained about 3,000 police officials to cover crypto-related investigations in the region. 

India Deepens Crypto Regulations With Investigatory Training

According to the annual report of India’s Ministry of Home Affairs (MHA), the country has deepened its crypto regulation. India trained some officials from different police departments and cybercrime units in crypto forensics and investigations.

The country conducted the training covering about 3,000 officials in its 2022-2023 financial year. The report revealed that the training cut across the country’s central law enforcement and intelligence agency, the Narcotics Control Bureau.

Under this unit, the training incorporated 141 officers involved in darknet and crypto asset investigations. Also, the participant received insights on other workshops connected to digital footprints and trends in the industry. 

During investigations, they learned to gather intelligence and evidence from open source, social media, and other related sources. Further, the investigatory training involved the Indian Cyber Crime Coordination Centre.

This unit trained over 2,800 cyber police personnel in digital asset forensics and investigations. Also, the training taught the officials some new technologies, such as anonymization networks.

Additionally, they learned investigatory approaches to the use of mobile applications in cyberspace.

This recent training marks part of India’s huge steps in handling crypto-related crimes and challenges as crypto adoption scales higher. Notably, the country has been exploring mainstream use cases in crypto and blockchain technology.

Indian Police Make Some Arrests Regarding $300M Crypto Scam

The Indian police have continued to prove their commitment to digital asset regulations in the country. According to a local news outlet, the police recently arrested 8 persons related to a $300 million scam. According to the report, the crypto scam, worth 2,500 crore Indian rupees, occurred in Himachal Pradesh, a state in the northern region of India. 

The Special Investigation Team (SIT) leading the probe noted that about 100,000 different people lost their money. Among the affected victims are 5,000 government officials and 1,000 police officials.

The special police team arrested an additional eight persons, four of whom were alleged to be cops.

This is besides the previous arrests of 10 by the police’s special squad. Though the digital asset scam was busted by the end of September this year, the SIT findings indicated that it could have started way back in 2018. Notably, the bad actors captured the victims with the enticing presentation of investment plans.

The scam centered on a native crypto token known as Korvio Coin (KRO coins). With time, the crypto scam looked legal due to the involvement of some police personnel. Over 1,000 cops in the country were part of the digital asset scheme, with some functioning as the project’s promoters and advertisers. 

While some turned out to reap huge profits from the process, most suffered massive losses in the end. The investigatory team noted the police had received 300 complaints related to the crore crypto ponzi scam.

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