Crypto Fraud Reports in India Increase by 773% in Eight Months
Fraudulent cryptocurrency transactions in India surged from 1,343 in 2023-24 to 11,720 in the first eight months of the current fiscal year, marking a 773% increase. A report indicates that 82% of these cases involved individuals aged 20-40. The country has 34 million virtual digital asset users, with investments worth ₹24,800 crore. The government has expressed concerns over money laundering and tax evasion, leading to the registration of 52 virtual digital asset service providers with the Financial Intelligence Unit. Suspicious transaction reports filed by these providers rose from 1,343 in fiscal 2024 to 11,720 in the current fiscal year. Rajasthan accounted for 18% of these reports, followed by Uttar Pradesh at 11%. Authorities have imposed ₹29 crore in penalties and blocked 63 websites for non-compliance with Indian laws.
Published 22 hours ago • 19 Jan 2026, 09:29 AM IST