Crypto Chaos: India Grapples with Rising Scams Amid Cryptocurrency Craze

Cryptocurrency scams are on the rise in India, posing a growing threat to the well-run financial system as the popularity of virtual assets surges. In a recent incident, Highrich Online Shoppe Pvt Limited, a relatively unknown company, illegally collected about Rs 1,138 crore from the public through its cryptocurrency HRCC, which it launched independently. This company introduced 10 different crypto coins in 2022, each valued differently by various exchanges. Investigations are ongoing, and the founders, KD Prathapan and Sreena Prathapan, are allegedly on the run. Additionally, local authorities in Odisha uncovered a crypto racket operating from Cambodia, which conducted fraudulent activities worth $1.6 million and amassed Rs 15 crore through fake mobile applications. These scams highlight the need for increased vigilance and regulation in the cryptocurrency space to safeguard the financial system.