Indians Cries Out Over Crypto Scams

In India, where unemployment persists despite economic growth, crypto scams preying on desperate jobseekers have seen a notable increase.

Per report from SCMP, over 200 Indian citizens are crying out to the Indian government to provide local jobs after being plunged into crypto scams and left jobless. One of the victims, Dinabandhu Sahu said he found himself caught in the grip of a Cambodia crypto scam with his worries amplifying as he feared he might never reunite with his family back in India.

Rising Concerns Over Crypto Job Scams 

Eager for better opportunities, Sahu accepted a job offer in Vietnam, promising a monthly salary of $900 as a data entry operator. However, his hopes were dashed when he realized it was a scam after enduring several short-lived jobs in similar fields with significantly lower pay.

The allure of high-paying jobs abroad, particularly in Cambodia, Laos, and Myanmar, has become a magnet for many individuals, especially those with tech skills. However, instead of finding legitimate employment, they often find themselves coerced into internet fraud schemes.

Dhanya Menon, representing Avanzo Cyber Security Solutions in India, highlights how youngsters, enticed by the promise of quick money, often fail to conduct proper research before making life-altering decisions. Jasmin Chande, co-founder of a reputable recruitment firm based in Mumbai, offers valuable advice to jobseekers.

He emphasizes the necessity of thoroughly investigating companies and ensuring the legitimacy of recruiters. Chande warns against common red flags such as requests for personal financial details, payment for training or equipment, and pressure to make quick decisions without sufficient information.

India Steps Up Raid on App-Based Crypto Fraud

India’s Central Investigation Agency (CIA) is cracking down on crypto app investment fraud. The operation covers 30 locations across ten states and Union Territories. 

Meanwhile, India’s Financial Intelligence Unit (FIU) has granted regulatory approval to Binance, allowing the cryptocurrency exchange to resume operations within the country. This decision comes after Binance and several other offshore platforms received non-compliance notices from the FIU in December 2023.

Despite repeated warnings from the country’s central bank likening crypto investing to tulip mania, rich Indians are utilizing their yearly remittance quotas to participate in the spot-Bitcoin ETF frenzy.

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