Crypto fraud reports in India surge in 3 years as clues point to cybercrime transactions spurt

Fraudulent and suspicious transactions among India’s cryptocurrency users have surged from a mere 1,343 reported instances in 2023-24 financial year to 11,720 in the first eight months of the current fiscal 773% , with 82% involving Indians aged 20-40, according to government a report seen by HT.

The explosive growth in dubious activity comes as India’s cryptocurrency market has expanded rapidly despite persistent regulatory concerns.