Indian Crypto Scammers Promise High Returns, Deliver Empty Pockets

A Ponzi scheme in India reportedly defrauded thousands of investors out of ₹150 crore. The scammers promised unusually high returns and used referral-based growth, APK links, and mobile apps to attract victims.

Daily wage workers, housewives, and auto drivers were among the investors who trusted the scammers with their valuable savings. This case highlights the importance of verifying platforms before investing in cryptocurrency.

Crypto scams are becoming a major concern in India as more people enter the market. The country continues to face security incidents due to unregulated CEX/DeFi services and token launches.