Just days after Indian Prime Minister Narendra Modi warned of 'digital arrests,' the nation's probe agencies have announced that it is ramping up its efforts to combat cyber crimes. The Enforcement Directorate (ED) in a statement on Saturday (Nov 2) announced that it has filed a prosecution complaint against eight individuals in Bengaluru, linked to a widespread scam involving "fake" Initial Public Offerings (IPOs) and deceptive investment applications targetting ordinary citizens.

<h2>What ED found</h2>

An ED probe has unveiled an extensive network of cyber scams operating within India, predominantly on social media platforms such as Facebook, Instagram, WhatsApp, and Telegram.

"Probe found that a huge network of cyber scams in India, involving fake stock market investments and digital arrest schemes are executed primarily through social media platforms like Facebook, Instagram, WhatsApp, and Telegram," said the ED in a statement.

Alo read |&nbsp;<a href="https://www.wionews.com/india-news/jk-l-g-manoj-sinha-calls-for-strong-action-against-terrorists-after-grenade-blast-in-srinagar-772997">J&amp;K L-G Manoj Sinha calls for strong action against terrorists after grenade blast in Srinagar</a>

"Known as 'pig-butchering' scams, stock market investment scams entice victims with promises of high returns, using fake websites and misleading WhatsApp groups that appear connected to reputable financial firms," it added.

The ED said that some of the victims of this scam were "manipulated" by fraudsters using fake arrests. Criminals pose as officials from agencies like the Customs Department or the Central Bureau of Investigation (CBI) to coerce victims into transferring large amounts of money by concocting scenarios that falsely implicate them in illegal activities. This method of psychological manipulation can devastate victims financially and emotionally.

The ED's chargesheet, filed on October 10, identifies the eight accused individuals as&nbsp;Charan Raj C, Kiran S K, Shahi Kumar M, Sachin M, Tamilarasan, Prakash R, Ajith R, and Aravindan, and&nbsp;24 associated shell companies. All accused individuals are currently in judicial custody, with the ED alleging that the total proceeds from these cybercrimes amount to an astonishing ₹159 crore.

According to the ED's findings, the perpetrators obtained numerous SIM cards linked to shell company bank accounts, which were then used to create untraceable WhatsApp accounts. This anonymity provided them with the means to execute their scams with a significantly reduced risk of detection. The criminals established 24 shell companies across Tamil Nadu, Karnataka, and other states to facilitate the laundering of the illicit proceeds.

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<h2>I4C issues public advisory</h2>

In light of the escalating threat, the Indian Cyber Crime Coordination Centre (I4C) issued a public advisory, urging people to "Beware of Digital Arrests". They cautioned that "those making video calls are not police, CBI, Customs officials or judges," but are, in fact, cybercriminals.&nbsp;

The advisory encourages anyone encountering such scams to report them promptly through the national cybercrime helpline at 1930 or by visiting the website www.cybercrime.gov.in.

Last month, during his 'Mann ki Baat' radio address on October 27, Prime Minister Modi emphasised the necessity of public awareness, encouraging citizens to adopt a mantra of "stop, think, and take action" when faced with potential scams.&nbsp;

(With inputs from agencies)

Just days after Indian Prime Minister Narendra Modi warned of 'digital arrests,' the nation's probe agencies have announced that it is ramping up its efforts to combat cyber crimes.

Just days after Indian Prime Minister Narendra Modi warned of 'digital arrests,' the nation's probe agencies have announced that it is ramping up its efforts to combat cyber crimes. The Enforcement Directorate (ED) in a statement on Saturday (Nov 2) announced that it has filed a prosecution complaint against eight individuals in Bengaluru, linked to a widespread scam involving "fake" Initial Public Offerings (IPOs) and deceptive investment applications targetting ordinary citizens. What ED found An ED probe has unveiled an extensive network of cyber scams operating within India, predominantly on social media platforms such as Facebook, Instagram, WhatsApp, and Telegram. "Probe found that a huge network of cyber scams in India, involving fake stock market investments and digital arrest schemes are executed primarily through social media platforms like Facebook, Instagram, WhatsApp, and Telegram," said the ED in a statement. Alo read | J&K L-G Manoj Sinha calls for strong action against terrorists after grenade blast in Srinagar "Known as 'pig-butchering' scams, stock market investment scams entice victims with promises of high returns, using fake websites and misleading WhatsApp groups that appear connected to reputable financial firms," it added. The ED said that some of the victims of this scam were "manipulated" by fraudsters using fake arrests. Criminals pose as officials from agencies like the Customs Department or the Central Bureau of Investigation (CBI) to coerce victims into transferring large amounts of money by concocting scenarios that falsely implicate them in illegal activities. This method of psychological manipulation can devastate victims financially and emotionally. The ED's chargesheet, filed on October 10, identifies the eight accused individuals as Charan Raj C, Kiran S K, Shahi Kumar M, Sachin M, Tamilarasan, Prakash R, Ajith R, and Aravindan, and 24 associated shell companies. All accused individuals are currently in judicial custody, with the ED alleging that the total proceeds from these cybercrimes amount to an astonishing ₹159 crore. According to the ED's findings, the perpetrators obtained numerous SIM cards linked to shell company bank accounts, which were then used to create untraceable WhatsApp accounts. This anonymity provided them with the means to execute their scams with a significantly reduced risk of detection. The criminals established 24 shell companies across Tamil Nadu, Karnataka, and other states to facilitate the laundering of the illicit proceeds. Also read | EAM Jaishankar says India actively working for peace in Russia-Ukraine, Israel-Hamas conflicts I4C issues public advisory In light of the escalating threat, the Indian Cyber Crime Coordination Centre (I4C) issued a public advisory, urging people to "Beware of Digital Arrests". They cautioned that "those making video calls are not police, CBI, Customs officials or judges," but are, in fact, cybercriminals. The advisory encourages anyone encountering such scams to report them promptly through the national cybercrime helpline at 1930 or by visiting the website www.cybercrime.gov.in. Last month, during his 'Mann ki Baat' radio address on October 27, Prime Minister Modi emphasised the necessity of public awareness, encouraging citizens to adopt a mantra of "stop, think, and take action" when faced with potential scams. (With inputs from agencies)

Enforcement Directorate files charges in massive 'pig-butchering' scam in India's Bengaluru

Victims in Brooklyn have lost millions of dollars after falling prey to a sophisticated crypto scam known as ‘pig butchering’. <o:p></o:p>

According to a report by ABC7 NY News, the Brooklyn district attorney's office, has seized about two dozen web domains associated with this scam.<o:p></o:p>

What is ‘Pig Butchering’?<o:p></o:p>

The scam, characterised by its cunning approach, involves perpetrators engaging victims in online conversations, gradually gaining their trust, and then coaxing them into investing in counterfeit cryptocurrency schemes. <o:p></o:p>

Victims, often lured through random text messages, dating sites, or WhatsApp groups, are promised heavy returns on their investments. <o:p></o:p>

However, when attempts are made to withdraw funds, they encounter several obstacles, leading to the loss of their entire investment.<o:p></o:p>

What happened to the Brooklyn victims?<o:p></o:p>

The Brooklyn-based victims have reported losses amounting to $5 million. <o:p></o:p>

The ABC news report cited one of the victims, a 51-year-old woman, who recounted her ordeal after being introduced to the scam through online chat groups discussing crypto investments. <o:p></o:p>

Swayed away by promises of heavy returns, she made several deposits via an app from coinformat.com, believing her investment had grown to nearly $400,000. <o:p></o:p>

However, her hopes were torn apart when her attempts to withdraw funds were met with demands for taxes. <o:p></o:p>

Subsequent complaints led to her expulsion from the chat group, with no news about her funds.<o:p></o:p>

What are officials saying?<o:p></o:p>

According to the ABC news report, Brooklyn District Attorney Eric Gonzalez, said that public awareness and education was needed to prevent these fraudulent activities. <o:p></o:p>

By seizing and shutting down associated online infrastructure, authorities are trying to disrupt these schemes and prevent further victimisation. <o:p></o:p>

Gonzalez cautioned against investments offering unrealistic returns, strongly holding that such promises are often deceptive.<o:p></o:p>

Investigations have revealed that the reach of this scam stretch beyond Brooklyn, with victims identified in California, Pennsylvania, and Illinois. <o:p></o:p>

Those targeted particularly included Chinese and Russian communities in Brooklyn.<o:p></o:p>

The report notes that the funds were traced through multiple crypto addresses and eventually cashed out, possibly in China.<o:p></o:p>

Victims in Brooklyn have lost millions of dollars after falling prey to a sophisticated crypto scam known as ‘pig butchering’. According to a report by ABC7 NY News, the Brooklyn district attorney's office, has seized about two dozen web domains associated with this scam.

Victims in Brooklyn have lost millions of dollars after falling prey to a sophisticated crypto scam known as ‘pig butchering’. According to a report by ABC7 NY News, the Brooklyn district attorney's office, has seized about two dozen web domains associated with this scam. What is ‘Pig Butchering’? The scam, characterised by its cunning approach, involves perpetrators engaging victims in online conversations, gradually gaining their trust, and then coaxing them into investing in counterfeit cryptocurrency schemes. Victims, often lured through random text messages, dating sites, or WhatsApp groups, are promised heavy returns on their investments. However, when attempts are made to withdraw funds, they encounter several obstacles, leading to the loss of their entire investment. What happened to the Brooklyn victims? The Brooklyn-based victims have reported losses amounting to $5 million. The ABC news report cited one of the victims, a 51-year-old woman, who recounted her ordeal after being introduced to the scam through online chat groups discussing crypto investments. Swayed away by promises of heavy returns, she made several deposits via an app from coinformat.com, believing her investment had grown to nearly $400,000. However, her hopes were torn apart when her attempts to withdraw funds were met with demands for taxes. Subsequent complaints led to her expulsion from the chat group, with no news about her funds. What are officials saying? According to the ABC news report, Brooklyn District Attorney Eric Gonzalez, said that public awareness and education was needed to prevent these fraudulent activities. By seizing and shutting down associated online infrastructure, authorities are trying to disrupt these schemes and prevent further victimisation. Gonzalez cautioned against investments offering unrealistic returns, strongly holding that such promises are often deceptive. Investigations have revealed that the reach of this scam stretch beyond Brooklyn, with victims identified in California, Pennsylvania, and Illinois. Those targeted particularly included Chinese and Russian communities in Brooklyn. The report notes that the funds were traced through multiple crypto addresses and eventually cashed out, possibly in China.

Brooklyn victims lose millions to a ‘Pig Butchering’ crypto scam

On Tech It Out, we keep you informed about online scams that can jeopardise your finances and privacy. We give you details on a cryptocurrency fraud scheme that's impacting victims globally. Watch the report for tips to protect yourself from the scam.

Explained: Pig butchering scam