The Ministry of Home Affairs’ 2024 annual report states that India has stepped its efforts to combat cryptocurrency-related frauds by working with tech titans Google and Meta (previously Facebook).
The program seeks to counter the growing danger of “pig butchering” scams, a kind of cryptocurrency investment fraud that preys on vulnerable populations including young people without jobs, housewives, students, and those in financial hardship.
According to the research, these frauds usually use search engines and social media platforms to entice victims with the promise of large profits on cryptocurrency investments. Investors lost more than $3.6 billion to these frauds in 2024, and the swindle has become more popular in recent months.
Scammers sometimes pretend to be financial counselors or agents of reputable investment companies in order to progressively gain victims’ confidence before persuading them to send substantial quantities of money into fraudulent schemes. The Ministry emphasized that scammers exploit Meta’s sponsored adverts and Google’s ad services to spread harmful apps and phishing schemes.
The Indian Cyber Crime Coordination Centre (I4C) responded by establishing procedures to collaborate directly with these platforms in order to more quickly remove fraudulent material, prohibit advertisements, and report suspicious activity.
I4C keeps a close eye on Android banking malware and digital lending applications that prey on weak users as part of the campaign. Google receives lists of phishing ads from the center, allowing for quick account suspension and expulsion. In the meanwhile, Meta is essential in locating and eliminating fraudulent websites and lending applications that have been reported by I4C.
Google Pay’s integration with the Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS) is a major step toward user protection. Authorities can track down and freeze assets thanks to this connection, which makes it easier to intercept fraudulent transactions in real time.
According to the research, in 2023 alone, this method helped more than 575,000 victims and saved more than 16 billion Indian rupees. In order to support these initiatives, the Ministry has made it a top priority to train law enforcement organizations in blockchain analysis, which will allow them to track down illegal cryptocurrency transactions and confiscate digital assets that are used in scams.
To improve investigative skills, training courses on forensic analysis and crypto tracking have been implemented all around the country. To ensure speedier case outcomes, the National Cybercrime Reporting Portal (NCRP) remains an essential venue for individuals to report cryptocurrency frauds. In order to combat widespread cyberthreats, the Ministry also formed the National Counter Ransomware Task Force, which collaborates closely with payment processors, cryptocurrency exchanges, and financial institutions.
The study also emphasized India’s proactive involvement in global initiatives, including as cooperation with the Financial Action Task Force (FATF), to fortify international norms for thwarting cryptocurrency-related money laundering and terrorist funding. The goal of this worldwide collaboration is to address the global character of crimes using cryptocurrency.
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