USDT Arbitrage | Income Tax Returns | CA in Mumbai | Chartered Accountant | ITR Filing | Recover Money Crypto Scam

2022 India Cryptocurrency scam of 500 crores

Recently, In New Delhi, a group of investors were scammed into one of the largest 2022 India Cryptocurrency scam with a whopping sum of 500 crores rupees. All this was done on the promise of 200 percent returns on their investments. 

Aside from promising a 200 percent annual return on investment, these accused also promised their investors a 5-20 percent monthly returns, that were to be credited to the investors' bank accounts on the 5th, 15th, or 25th of every month, according to the testimony of the victims.

This news got wide coverage in the mainstream media so we will not discuss on that but rather focus on how to recover lost money from such crypto scams?

This article will also be very useful for the victims of Pump and Dump Crypto Groups Scam on Telegram / WhatsApp. 

How to recover lost money from crypto scams in India?

  1. Contact us and schedule an appointment with us if you have been scammed. The Wild West atmosphere of cryptocurrency and ICO markets can lure even careful investors into fraudulent schemes. We will work to help you recover your crypto investment losses. Cryptocurrency fraud harms thousands of investors every year. Don’t be a statistic. Take action against the perpetrators and recover your money from cryptocurrency scams. Please note that all consultations are paid consultations.
  2. Report it to the police - It is important that you report the issue to the police ASAP. You will need a crime number from the police to help you work with your bank and other organisations. With the majority of online scams and cyber crimes you report to Cyber Crime Deptt. Reporting will also help get the scam shut down and may help you progress getting your money back.
  3. Contact your bank - You also need to contact your Bank involved in making the payments immediately. Contact them and explain what has happened. If you know which bank the money was send to you should also contact that other Bank immediately. If this is done quick enough they may be able to freeze the money if it is still in transit and both should kick off a fraud investigation.

  4. Unauthorized Transactions - If the transaction was unauthorized then as per the RBI, 'If you have suffered a loss due to unauthorized electronic transactions, your liability may be limited, or it could be zero, if you notify your bank immediately'.
    If the victim informs the bank within a stipulated amount of time (3 days) of financial fraud, the onus falls on the bank to prove the customer has not been a victim of the fraud. Earlier the customer had to prove that he/she was the victim.
  5. Beware TDS / Taxation scams - after stealing money it is common for criminals to contact their victims pretending to extract more money under the guise of International Tax on Cryptocurrency. The aim is to steal more money by asking you to transfer money into their "International Tax Account" or trick you into sharing information that will enable a further crime. Do not trust any communications by them over the chat and don't transfer additional money.
  6. Beware recovery scams - It is common for criminals to contact their victims again pretending to be the money recovery experts. The aim is to steal more money by asking you to transfer money into their “safe” account or trick you into sharing information that will enable a further crime. Do not trust any communications by phone, email or text.

What are the other options for the crypto scam victims in India?

  1. If you used a debit or credit card to buy your cryptocurrency, you could request a chargeback, although this does not guarantee that your money will be recovered.
  2. Call the Helpline: You can also call the helpline 155260 to report these frauds. This is an emergency line started by the ministry of home affairs and the RBI and has all major public and private banks onboard. It also has online wallets like Paytm, PhonePe, Mobikwik, Amazon and Flipkart.

    If you fall for fraud, call the helpline to submit a complaint. Then a ticket is issued and sent to your corresponding bank. You will have to share your transactional details as well as some personal information with the operator. After a ticket is issued, you will also get an SMS with an acknowledgment number which you have to submit on the National Cybercrime Reporting Portal - within 24 hours.

  3. Log a case with Cybercrime Portal of Police: The portal enables citizens to report cybercrimes online and it was launched in to counter the rampant increase in the number of such cases. The national cyber crime reporting centre is located in New Delhi.

    All the cyber crime-related complaints will be accessed by the concerned law enforcement agencies in the states and UTs for taking action as per law. The link to this portal is as follows:


 Crypto Scams | Recover Money | Legal Advise | Crypto CA | International Taxation Crypto