A new cryptocurrency scam in India is targeting wealthy individuals using a fake mobile app.
According to India TV News, cybercriminals are targeting high income individuals across India. Victims receive messages through social media groups asking them to sell and buy Bitcoin through a mobile app.
This app, which supposedly acts as a crypto exchange, is actually entirely fraudulent. Once a user’s Bitcoin is deposited on the fake exchange, the scammers stop responding to queries from the victim and disappear.
Manan Shah, founder and CEO of Avalance Global Solutions, said that an unidentified man lost over $50,000 while dealing with one of the fake platforms. One of the most significant cases involved another unnamed Indian businessman who was scammed out of the USD equivalent of $3 million.
Sumit Gupta, co-founder and CEO of local crypto exchange CoinDCX, believes that more fraudulent crypto services will appear as Blockchain-based assets continue to grow in popularity throughout India.
Cointelegraph previously reported that Indian police have registered a case against five individuals suspected of involvement in a cryptocurrency scam that has defrauded investors since 2017.
Despite operating for several years, the scammers are only believed to have made off with a modest bounty of $34,200.