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<keyword id="20637808" type="General" weightage="20" keywordseo="online-investments" source="keywords">Online investments</keyword> might seem like a quick way to earn some extra money at times but if you are not careful, you might end up losing your hard-earned money instead. There are ample fraudsters out there who are waiting to rob people of their hard-earned money and will leave no stone unturned in doing so. In a recent case, a couple from <keyword id="19895037" type="General" weightage="20" keywordseo="bengaluru" source="keywords">Bengaluru</keyword> was duped of Rs 1.53 crore when they tried making some money online. However, they managed to recover most of the money with the help of Police. <h2><keyword id="21343508" type="General" weightage="20" keywordseo="Bengaluru-couple" source="keywords">Bengaluru couple</keyword> loses Rs 1.53 crore</h2> According a report by The Hindu, <keyword id="20039944" type="General" weightage="20" keywordseo="scam" source="keywords">scam</keyword>mers approached the couple, residing in Banaswadi, with promises of high returns on online investments. Moreover, the frausters were operating from the UK and carried out the scam with the help of mule accounts that were rented from people in North India. The victims were also shown a fake website, which claimed to provide them with real-time updates of their investments. Now, wherever there are websites involved, people tend to believe that a business is legitimate. However, it is to be noted that almost anyone can create a website and just because something appears to be legitimate, doesn't always mean that it is. After a few months, when the couple wanted to withdraw a portion of their invested money, they saw that the website could not be accessed anymore. They realised that they had been scammed when they were blocked from the platform. The couple went to the local police after this and a complaint was registered. Investigation began and the police was successful in tracking down the money trail with the help of banks. Thus, most of the couple's money was recovered. <h2>How to stay safe while investing money online</h2>If you are thinking to invest money online and don't really know where to begin, do a thorough research. If someone offers you a deal that appears too good to be true, it usually is. Hence, keep yourself up to date. Also, be wary of fraudulent websites and report them to the authorities as soon as you come across them. Always rely on trusted financial advisors only. Verify their credentials before believing them and making an investment on their suggestions.

Bengaluru couple loses Rs 1.5 crore while investing online, recovers most money with help of Police

<ul><li>Indian Minister Pankaj Chaudhary told the Parliament that when it comes to crypto scams and frauds, India’s existing laws like the <keyword id="75223" type="ORGANIZATION" weightage="20" keywordseo="Indian-Penal-Code">Indian Penal Code</keyword> are equipped to handle the fallout.</li><li>The Indian government is yet to form a policy addressing the use of cryptocurrencies in the country.</li><li>In the meantime, the popularity of digital coins has been increasing, along with scams and frauds promising investors ‘get rich quick’ schemes.</li></ul>The status of <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> may be uncertain in India but the Indian Penal Code (IPC) and other laws are equipped to handle scams and frauds, according to Uttar Pradesh’s Minister of Finance, Pankaj Chaudhary. In response to a query in the lower house of Parliament by Member of Parliament Shashi Tharoor, Chaudhary replied, “Depending on the nature of the fraud, various laws including the Indian Penal Code 1860, are in place of protection against fraud.” The number of scams and frauds related to Bitcoin and other cryptocurrencies have increased over the last couple of years in India, mostly due to the rising popularity of trading in digital money, which offers the allure of multiplying your money. <cmsannotation type="cmsannotation" annotationid="Rising crypto scams in India" comment="subhead" text="Rising crypto scams in India">Rising crypto scams in India</cmsannotation> According to <a href="https://www.ndtv.com/india-news/enforcement-directorate-arrests-cryptocurrency-trader-in-chinese-online-betting-scam-case-2337549">CoinTelegraph</a>, Indian investors lost almost $500 million to scams being operated in India and abroad. And, scammers are getting smarter than ever to acquire other people’s cryptocurrency. Last year, Naisar Kothari — a resident of Bhavnagar in the state of Gujarat — was arrested under the Prevention of Money Laundering Act (<a href="https://www.ndtv.com/india-news/enforcement-directorate-arrests-cryptocurrency-trader-in-chinese-online-betting-scam-case-2337549">PMLA</a>). According to the Enforcement Directorate (ED), Kothari helped companies buy cryptocurrencies, transfer the amounts into wallets on foreign exchanges. The money was then used to illegally run online betting apps on websites. Since online betting is illegal in the country, these websites were hosted from outside india — in some cases, the operators were Chinese nationals, as per the ED. "It was found that Kothari had knowingly and actively involved himself in layering the proceeds of crime and hence he was arrested...," said the statement. In another instance, three companies based out of Bengaluru are being investigated for launching a fake initial coin offering (ICO) for a token called <a href="https://coingeek.com/morris-coin-founder-arrested-in-india-over-alleged-digital-currency-scam/">Morris Coin</a>. According to the authorities, they duped 11 lakh people to invest ₹15,000 each in Morris Coin. Nishad, a 36-year old man who is the CEO of all three companies, was arrested by the Malappuram police in Kerala under the Prize Chits and Money Circulation Schemes (Banning) Act in September 2020. <cmsannotation type="cmsannotation" annotationid="The Indian government is in the dark about crypto activity in the country" comment="subhead" text="The Indian government is in the dark about crypto activity in the country">The Indian government is in the dark about crypto activity in the country</cmsannotation> Chaudhary also reiterated the stance of Indian Finance Minister, <a href="https://www.businessinsider.in/cryptocurrency/news/the-indian-government-has-no-data-on-how-many-crypto-exchanges-and-investors-working-on-cryptocurrency/articleshow/84821709.cms">Nirmala Sitharaman</a>, by telling the parliament that the authorities currently do not have any data on the status of crypto trading in India. <div type="ExtQuote" text="This information [status of cryptocurrency trading in India] is not collected by the government." auname="Response by Minister of State for the Ministry of Finance, Pankaj Chaudhary in Lok Sabha, India’s lower house of Parliament"></div> The country’s crypto bill, which was expected first during the Budget Session of Parliament in February and again during the ongoing Monsoon Session of Parliament, is still pending approval from the cabinet. According to IndiaTech.org CEO Rameesh Kailasam, the government may be softening its stance against cryptocurrencies in the country. “The government seems to be still in the process of determining the way forward, which may through either an existing committee or a new one with industry consultation where required,” he told Business Insider in an <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms?utm_source=google_newsstand&amp;utm_medium=google_rssfeed&amp;utm_campaign=news_referral">earlier interview</a>. But for now, the regulators seem to be undecided. “The [Indian] government does not consider cryptocurrencies legal tender or coin, and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system,” said Chaudhary. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/cambodia-is-leading-the-race-to-launch-a-centralised-cryptocurrency/articleshow/85065661.cms">Cambodia doesn’t want to depend on the dollar anymore — and its centralised cryptocurrency already has 5.9 million users</a> <a href="https://www.businessinsider.in/cryptocurrency/news/google-is-allowing-crypto-ads-again/articleshow/85033865.cms">Google is bringing back crypto ads — but is leaving a lot of crypto companies out of the loop</a> <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-billionaire-monero-developer-fluffypony-riccardo-spagni-arrested-for-cookie-fraud/articleshow/85007386.cms">Monero’s ‘Fluffypony’ joins Ross Ulbricht and Arthur Hayes behind bars — but for a non-crypto crime</a>

Indian Penal Code and other laws have provision to protect investors against cryptocurrency fraud, according to Indian Finance Ministry official

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Bengaluru couple loses Rs 1.5 crore while investing online, recovers most money with help of Police

Divyanshi Sharma

Indian Penal Code and other laws have provision to protect investors against cryptocurrency fraud, according to Indian Finance Ministry official

Prabhjote Gill

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