- The “Datameer” crypto app defrauded 700 investors out of INR 10 million.
- The scam promised high returns and disappeared after collecting funds.
- Preliminary investigations suggest ties to Hong Kong and previous similar cases involving Chinese entities.
Indian authorities are probing a major crypto scam involving the “Datameer” app, which deceived approximately 700 investors by promising substantial returns.
The investigation has unveiled potential international links, with initial findings suggesting connections to Hong Kong.
Indian Crypto Scam: 700 Investors Duped, Possible Hong Kong Connection
The “Datameer” crypto trading app has come under scrutiny following a major scam that swindled INR 10 million from around 700 investors. The app, active for just five months, promised high returns on investments but shut down abruptly after collecting the funds. This incident underscores the vulnerabilities in India’s crypto market, exacerbated by inadequate regulatory measures.
Preliminary investigations point to potential links between the scam and Hong Kong, suggesting a sophisticated international network behind the fraudulent scheme. Similar cases have surfaced in the past, where Indian authorities have traced stolen funds to accounts in China and Taiwan, revealing the global nature of these financial crimes.
The rise in crypto scams has intensified calls for stronger regulations in India. The lack of comprehensive oversight has allowed scammers to exploit the booming interest in digital currencies. Regulatory bodies and law enforcement are increasingly focused on creating frameworks to protect investors and prevent such fraudulent activities.
The Indian police are coordinating with cyber experts to track down the scammers and recover the lost funds. The ongoing investigation reflects the growing need for international cooperation in tackling cross-border financial crimes. As the crypto market continues to expand, the focus on safeguarding investors and ensuring robust regulatory practices is more crucial than ever.
The “Datameer” scam reveals significant challenges in safeguarding investors in the rapidly evolving crypto market. Enhanced regulatory measures and international cooperation are essential to combat the growing threat of global financial fraud.
“Preliminary investigations suggest that the perpetrators behind the app are spread across the country, with some evidence pointing to connections in Hong Kong.”
