India is working with Google and Facebook to tackle crypto pig butchering scams

India is working with tech giants Google and Facebook to combat a rise in pork slaughter scams, which often involve the use of cryptocurrencies as both a hook to lure victims and a tool to launder stolen funds.

According to the 2024 annual report of the Union Ministry of Home Affairs of India, pig slaughter scams or investment scams target “unemployed youth, housewives, students and needy people”; He exploits these people’s financial insecurity and trust, luring them into fraudulent schemes that promise quick action. and significant returns.

The report stated that victims “lose large amounts of money (even borrowed money) on a daily basis” and noted that scams are increasingly encouraged using Google’s advertising services and messaging platforms such as Whatsapp and Telegram.

To combat this, the Indian Cyber ​​Crime Coordination Centre, operating under the Ministry of Home Affairs, has joined hands with Google and Facebook to proactively flag relevant activities such as malicious ads, detect fake digital credit apps and identify phishing campaigns linked to them. these scams.

Among other efforts to combat crypto-related crimes, crypto exchanges have been integrated into the Citizen Financial Cyber ​​Fraud Reporting and Management System, enabling faster detection and blocking of suspicious cryptocurrency transactions. The platform acts as a central hub where law enforcement, financial institutions, payment wallets and crypto platforms collaborate to prevent the illicit flow of funds.

The report also stated that special cryptocurrency investigation training sessions are being held across the country to equip police officials with the skills to track crypto transactions, seize digital assets and analyze blockchain evidence.

India, which has a high adoption rate at the grassroots level, has been a prime target for crypto fraud rings, often run from outside the country, particularly in regions like Southeast Asia.

Therefore, authorities have actively worked to increase oversight over the currently unregulated sector. In 2023, India’s Financial Intelligence Unit mandated that crypto exchanges must register as a reporting entity to operate in the country.

Meanwhile, the Enforcement Directorate, India’s economic intelligence agency under the Ministry of Finance, has busted several high-profile scams, some of which cost victims millions of dollars.

In June 2024, ED froze more than $3 million in assets linked to the Highrich group crypto pyramid scheme, which promised returns of up to 15% on investments in a fake cryptocurrency. Just months later, the agency busted another fake cryptocurrency, resulting in a loss of more than $800,000.