Global Crypto Scams Surge: From Matrimonial Fraud to Fake Exchange Operations

The cryptocurrency landscape is witnessing an alarming rise in sophisticated global scams, with two recent high-profile cases in India and the United States exposing complex fraud networks targeting unsuspecting victims. These incidents reveal how cybercriminals are combining social engineering tactics with fake investment platforms to steal millions.

In Bengaluru, a 32-year-old IT professional fell victim to an elaborate romance scam that began on a matrimonial website. The perpetrator, posing as a potential partner, gained the victim's trust over several weeks before introducing a fraudulent cryptocurrency investment opportunity. The victim ultimately transferred Rs 55 lakh (approximately $66,000) to what appeared to be a legitimate trading platform, only to discover the entire operation was a scam when withdrawal requests were denied.

Meanwhile, US authorities have arrested Indian national Chirag Tomar in connection with a massive $5.1 million cryptocurrency fraud scheme. The Enforcement Directorate (ED) has subsequently attached assets worth Rs 42.8 crore in Delhi linked to this international operation. Investigators found that the scam involved fake representations of major cryptocurrency exchanges like Coinbase to lure investors.

Cybersecurity analysts note several concerning trends in these cases:

1. Hybrid Scam Models: Combining romance scams with investment fraud creates more convincing narratives
2. Fake Exchange Platforms: Sophisticated clones of legitimate trading sites with minor URL variations
3. Cross-Border Money Flows: Use of cryptocurrency to quickly move funds across jurisdictions

'The level of social engineering in these scams has reached alarming sophistication,' explains Rohan Sharma, a cybersecurity specialist at Mumbai-based SecureNet. 'Attackers are spending weeks building trust before introducing the financial angle, making detection much harder.'

Law enforcement agencies recommend several protective measures:

• Verify cryptocurrency platforms through official regulatory databases
• Be wary of unsolicited investment opportunities from new online contacts
• Use hardware wallets for significant cryptocurrency holdings
• Report suspicious activity to financial authorities immediately

As cryptocurrency adoption grows globally, experts warn that such scams will likely increase in both frequency and complexity. The international nature of these crimes presents significant challenges for law enforcement, requiring enhanced cooperation between financial regulators and cybersecurity agencies across borders.