Crypto scammers target Indian doctor via ‘drugs in parcel’ scam

A doctor in India was duped by crypto scammers into transferring funds worth over $35,000 as a part of a drugs-in-parcel scam.

According to reports from local media, the victim, a resident of the state of Maharashtra, received a call from scammers claiming that a parcel allegedly sent by her to Thailand contained “MD drugs,” along with three passports and three SIM cards.

Police officials claim the scam transpired between Aug. 2 and 6. The scammer pressured the victim to download a mobile application to purchase inr 30,86,535 worth of cryptocurrencies, amounting to approximately $36,763. 

Subsequently, the doctor was asked to transfer the solicited amount to multiple bank accounts, typically in a bid to make tracing the funds difficult for law enforcement.

Typical of these scams, the perpetrators claim to be from a legitimate organization, such as the police, a courier service, or a government agency. The scammer used fear tactics to create a sense of urgency, claiming that the victim might fall into trouble with the authorities.

Payments, often in cryptocurrencies, are offered as an immediate solution to avoid further troubles. When the victims comply and transfer the funds, the scammers disappear.

India has seen several such scams over the past few years. A probe launched by cyber crime officials in Pune in December 2023 revealed that over 12 victims had lost over $480,000 in such scams.

Investigations revealed that the funds acquired via this scam were laundered through multiple bank accounts before being used to purchase cryptocurrencies and transfer them outside of India to China, Dubai, and Taiwan.

To prevent such incidents involving cryptocurrencies, Indian regulators have tightened regulations around cryptocurrency exchanges. India’s Financial Intelligence Unit has mandated that cryptocurrency exchanges register with the regulator. Platforms that aren’t registered with the FIU are blocked.

Further, the nation’s Enforcement Directorate has been cracking down on several fraudulent investment schemes that leverage the hype around cryptocurrencies to defraud Indian investors. 

Despite the efforts, crypto crimes in the nation have continued to soar, with even those authorized to uphold the law often being found guilty of involvement in such affairs. With no crypto-specific regulatory framework in place, these crimes are prosecuted under existing laws.