India’s IT Department Uncovers $19M Crypto Fraud Targeting Farmers

Indian tax authorities have exposed a cryptocurrency fraud scheme operating in Telangana and Andhra Pradesh, where identities of unsuspecting citizens—primarily farmers and delivery workers—were exploited for crypto trading. The Central Board of Direct Taxes flagged 20 suspicious cases, leading investigators to remote villages where victims expressed shock upon learning their IDs were linked to transactions totaling $19.3 million.

Fraudsters preyed on individuals with no financial literacy, let alone understanding of digital assets. The scheme highlights both the vulnerabilities of marginalized communities and the growing sophistication of crypto-related crime in India. Authorities are now scrutinizing transactions across five districts, though no specific cryptocurrencies or exchanges were named in the findings.