Larry David Tackles Mumbai’s ₹1.93 Crore Crypto Scam Fiasco

by

So, there’s this 62-year-old retired professor from Mumbai, right? He’s just living his best life, enjoying his retirement, and then he gets scammed out of ₹1.93 crore. Can you believe it? I mean, who does that? A woman named Ayesha, that’s who. She was all, “Hey, let’s be friends on Facebook,” and before you know it, she’s got him investing in some shady crypto scheme. Classic move, Ayesha. 🙄

So, this Ayesha, she’s not just any scammer. No, she’s a mastermind. She starts chatting with the professor, building trust, and then BAM! She’s got him opening a Binance account and depositing all his hard-earned money. And then, just like that, she’s gone. No more Ayesha. Just a big, fat zero in his bank account. 🤦‍♂️

But wait, it gets better. Another scammer, Koyal, comes along and says, “Don’t worry, I can get your money back.” And the professor, being the trusting soul he is, starts making payments to Koyal. Payments for what, you ask? Oh, just a bunch of made-up fees and charges. And guess what? No money back. Just more zeros. 🤑

Legal Action Against Cybercrimes

The Cyber West Division, bless their hearts, has registered a case against these cybercriminals. Under the Information and Technology Act, they could be looking at 3 to 10 years in the slammer and some hefty fines. But let’s be real, the professor probably just wants his money back. 🤑

India’s Lack of Specific Crypto Laws

Now, here’s the kicker. The Indian government was supposed to release a discussion paper on crypto regulations back in June. But where is it? Nowhere to be found. So, we’ve got over 100 million crypto users in India, and we’re still in a regulatory grey area. Great job, guys. 🙄

Final Thought

India has been making some moves with tax policies, reporting requirements, and AML regulations. But when it comes to laws against crypto scams, they’re still MIA. The industry is waiting with bated breath for the government to step up and release that discussion paper. Until then, it’s every man for himself in the wild, wild world of crypto. 🚀

Read More

2025-07-14 12:27