India clamps down on digital fraud as cases rise in 2024 [Video]

In 2024, India’s law-enforcement agencies cracked down on several digital assets and finance technology frauds while exchanges and investment platforms grappled with regulatory scrutiny and security breaches.

India reportedly lost over $44 million in digital asset scams in 2024, ranking fifth globally. It recorded about 840 complaints related to digital assets.

“In 2024, India saw significant crypto-related frauds that deeply impacted investor trust and regulatory sentiment,” said Rohan Sharan, founder and chief executive of Timechain Labs, an on-chain application development firm utilizing BSV blockchain technology.

“These incidents fueled skepticism among regulators and the general public, slowing adoption and making the case for stricter compliance frameworks. The need for platforms offering traceability and transparency is now more critical than ever, and blockchain innovations that focus on these values could be game-changers for the industry,” Sharan told CoinGeek.

This year’s most high-profile digital asset fraud was the WazirXhack, one of India’s biggest digital …