A doctor in Maharashtra, India, has fallen victim to an elaborate cryptocurrency scam, losing over $35,000 in a chilling new variation of the “drugs-in-parcel” scheme. The scam, which unfolded between August 2 and 6, involved sophisticated tactics designed to exploit fear and urgency, leaving the victim out of pocket and authorities scrambling to track down the perpetrators.
According to local media reports, the doctor received a call from individuals posing as officials who claimed that a parcel allegedly sent by her to Thailand contained illegal substances, including MD drugs, along with three passports and three SIM cards. The scammers, leveraging the fear of legal repercussions, pressured the doctor into taking immediate action to avoid severe consequences.
The victim was coerced into downloading a mobile application, through which she was instructed to purchase cryptocurrency worth INR 30,86,535, approximately $36,763. The scammers then directed her to transfer the equivalent funds to multiple bank accounts, a common tactic used to obscure the trail and complicate law enforcement’s efforts to trace the money.
This scam follows a familiar pattern in India, where criminals often impersonate legitimate authorities, such as police officers, government officials, or representatives from courier services. By creating a false sense of urgency, they manipulate victims into making hasty financial decisions, often involving cryptocurrency payments, which are difficult to trace and recover once transferred.
Police officials investigating the case noted that this type of scam has become increasingly prevalent in India. In a related investigation launched by cybercrime officials in Pune in December 2023, it was revealed that over 12 victims had collectively lost more than $480,000 in similar scams. The funds acquired through these scams are typically laundered through multiple bank accounts before being used to purchase cryptocurrencies, which are then transferred outside India to locations such as China, Dubai, and Taiwan.
In response to the rising tide of crypto-related fraud, Indian regulators have tightened oversight of cryptocurrency exchanges. The Financial Intelligence Unit (FIU) of India has mandated that all cryptocurrency exchanges must register with the regulator, with unregistered platforms being blocked from operation. Additionally, the Enforcement Directorate has intensified efforts to crack down on fraudulent investment schemes that exploit the cryptocurrency market to defraud unsuspecting investors.
Despite these regulatory measures, crypto crimes in India continue to escalate, often implicating even those charged with upholding the law. The absence of a comprehensive crypto-specific regulatory framework means that these crimes are currently prosecuted under existing financial laws, which may not fully address the unique challenges posed by digital assets.
As crypto scams become increasingly sophisticated, the need for heightened awareness and vigilance among potential investors and users is more critical than ever. The recent case involving the Maharashtra doctor underscores the importance of skepticism and caution, particularly when dealing with unsolicited communications involving financial transactions or legal threats.
