According to a report, the utility will monitor crypto wallets and notify the Indian Ministry of Home Affairs of irregular transactions.
According to reports, the Indian Ministry of Home Affairs (MHA) is constructing a crypto intelligence tool in response to increased illegal activities involving cryptocurrencies in the country.
According to a CNBC report, the MHA’s Cryptocurrency Intelligence and Analysis Tool (CIAT) seeks to combat crypto-related crime. The initiative is spearheaded by an MHA division called the Indian Cyber Crime Coordination Centre, which is dedicated to investigating and addressing cybercrime.
The MHA will monitor crypto wallet addresses on the black web using CIAT. This will facilitate the compilation of transaction records, including timestamps, dates, used exchanges, and performed services. The report will notify the MHA when it detects irregular or atypical cryptographic activities.
According to the report, the initiative is a response to the rise of illegal crypto-related activities in the country. An Indian software engineer reportedly lost over $120,000 to crypto fraud earlier this month. A woman he met online advised him to invest in a cryptocurrency coin, but he needed help withdrawing his funds after making a deposit.
In July, two suspects were detained in Ujjain, India, for an alleged peer-to-peer (P2P) cryptocurrency scam. The police seized counterfeit bank accounts, ATM cards, and additional documents. The suspects purportedly used fake identification documents to defraud Binance P2P users.
🇮🇳Two Accused In Binance P2P Scam Arrested In Ujjain, India 👀
Two accused of scamming people on #Binance P2P arrested by police in Ujjain, India. Many fake bank accounts, ATM cards and documents are seized from accused😐
The accused used to buy Fake ID Proofs and personal data… pic.twitter.com/Nt5GxhVmio
— Ajay Kashyap (@EverythingAjay) July 11, 2023India has witnessed a significant increase in crypto adoption. The nation topped the 2023 Global Crypto Adoption Index released by blockchain analytics company Chainalysis on September 12.
The report ranked India first in terms of decentralized finance value received and centralized service value received. India is closely followed by Nigeria and Thailand, according to the index.
