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The Indian Ministry of Home Affairs (MHA) is reportedly in the process of creating a cryptocurrency intelligence tool to address the increase in illicit activities associated with cryptocurrencies within the nation.
As per a CNBC report, the MHA’s objective is to tackle crypto-related crimes through the Cryptocurrency Intelligence and Analysis Tool (CIAT). This initiative is led by a division of the MHA known as the Indian Cyber Crime Coordination Centre, which focuses on investigating and managing cybercrime.
Through CIAT, the MHA will oversee crypto wallet addresses on the dark web. This will enable the collection of transaction data, including timestamps, dates, exchanges utilized, and the services performed. The report indicates that it will also alert the MHA upon detecting irregular or suspicious cryptocurrency activities.
The report emphasized that this initiative is a reaction to the surge in illegal crypto activities in the country. Earlier this month, an Indian software engineer reportedly lost over $120,000 due to crypto fraud. A woman he encountered online recommended that the developer invest in a cryptocurrency, but he was unable to withdraw his funds after making a deposit.
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In July, two individuals were apprehended in connection with an alleged peer-to-peer (P2P) crypto scam in Ujjain, India. Law enforcement confiscated counterfeit bank accounts, ATM cards, and other documents. The suspects reportedly utilized fake identification to defraud Binance P2P users.
Two Accused In Binance P2P Scam Arrested In Ujjain, India
Two individuals accused of defrauding users on #Binance P2P were arrested by police in Ujjain, India. Numerous fake bank accounts, ATM cards, and documents were seized from the suspects.
The accused purchased fake ID proofs and personal information… pic.twitter.com/Nt5GxhVmio— Ajay Kashyap (@EverythingAjay) July 11, 2023
Cointelegraph contacted the Indian Ministry of Home Affairs but did not receive an immediate reply.
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Cryptocurrency has seen a notable rise in adoption across India. On September 12, the country ranked first in the 2023 Global Crypto Adoption Index published by blockchain analytics firm Chainalysis. The report indicated that India led in both decentralized finance value received and centralized service value received. Nigeria and Thailand closely follow India in the index.
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