Latest trend: cyber Fraudsters buy crypto from swindled money

BENGALURU: With cybercrimes on the rise, police investigating these cases have identified a new trend in investment frauds where stolen funds are converted into cryptocurrency to evade detection. While layered money transfers are a common practice in cybercrimes, fraudsters are increasingly using digital currencies such as crypto, which are much harder for authorities and bank officials to trace. Once the money is converted into cryptocurrency, it is transferred across numerous accounts and wallets, often internationally, making it extremely difficult to track and recover.