Thousands of Indians Trapped in Southeast Asia Crypto Fraud Rings: Report
A growing number of Indian citizens are falling prey to fraudulent job offers, lured by promises of high-paying jobs, only to find themselves trapped in Southeast Asia’s crypto fraud and cybercrime rings.
Government Rescue Efforts and Countermeasures
These victims are often forced into participating in online scams such as crypto fraud, phishing schemes, and pig butchering scams. Many are made to work in call centers, posing as investment advisors or fake tech support agents. They primarily target individuals in India, convincing them to invest in fraudulent schemes.
Approximately 45% of cybercrimes against Indians reportedly originate from Southeast Asian countries like Cambodia, Laos, and Myanmar. Many job-seekers travel to these regions in search of legitimate work but are detained and coerced into illegal activities once they arrive.
Victims are forced to scam others by making fraudulent calls or creating fake social media profiles. They often impersonate women to lure potential targets into dating or investment schemes. Once victims deposit money, they are ghosted, and their contact information is blocked.
The scammers confiscate the victims’ passports, effectively trapping them in guarded compounds where they are forced to continue the fraud. Between October 2023 and March 2024, Indian citizens lost around INR 500 crores (approximately $60 million) in scams linked to these operations.
Indian Government’s Response and International Collaboration
The Indian government has initiated measures to rescue these victims. Collaborative efforts between India and Southeast Asian authorities, alongside non-governmental organizations, have resulted in the successful rescue of several trapped nationals.
In August, several Indians were rescued from scam centers in the Bokeo province of Laos. Following this, the Indian Embassy in Laos issued public warnings, advising citizens to verify job offers before traveling abroad, especially on visas granted upon arrival.
One major concern is the large number of Indian nationals who traveled to Southeast Asia between January 2022 and May 2024 and have not returned. Reports estimate nearly 30,000 Indians remain unaccounted for, with many believed to be trapped in scam networks.
To address this issue, the Indian government has formed an inter-ministerial panel tasked with dismantling cyber slavery networks and repatriating victims.
Links to Human Trafficking and International Crime
Investigations have uncovered deeper connections between these cybercrime networks and other criminal activities, such as human trafficking and labor exploitation. The U.S. government has also taken steps, including sanctions against individuals involved in cyber scams and human trafficking. Recently, a Cambodian senator was sanctioned by the U.S. Department of the Treasury for his involvement in these illicit operations.
In a related move, Tether froze $5.2 million in USDT laundered through phishing schemes, aligning with the company’s efforts to combat illegal activities.
India’s Position in Global Crypto Fraud
India ranks fifth globally in cryptocurrency-related complaints. According to the FBI, India reported 840 cases of crypto fraud, resulting in $5.6 billion in losses. Among the largest scams was the 2018 GainBitcoin Ponzi scheme, in which Amit Bhardwaj defrauded over 8,000 people, leading to losses amounting to INR 2,000 crore.
The Reserve Bank of India continues to issue warnings against cryptocurrencies, citing their serious financial risks.
Website: CentBit.Online – Crypto & Blockchain Expert Bangladesh.
A growing number of Indian citizens are falling prey to fraudulent job offers, lured by promises of high-paying jobs, only to find themselves trapped in Southeast Asia’s crypto fraud and cybercrime rings.
Government Rescue Efforts and Countermeasures
These victims are often forced into participating in online scams such as crypto fraud, phishing schemes, and pig butchering scams. Many are made to work in call centers, posing as investment advisors or fake tech support agents. They primarily target individuals in India, convincing them to invest in fraudulent schemes.
Approximately 45% of cybercrimes against Indians reportedly originate from Southeast Asian countries like Cambodia, Laos, and Myanmar. Many job-seekers travel to these regions in search of legitimate work but are detained and coerced into illegal activities once they arrive.
Victims are forced to scam others by making fraudulent calls or creating fake social media profiles. They often impersonate women to lure potential targets into dating or investment schemes. Once victims deposit money, they are ghosted, and their contact information is blocked.
The scammers confiscate the victims’ passports, effectively trapping them in guarded compounds where they are forced to continue the fraud. Between October 2023 and March 2024, Indian citizens lost around INR 500 crores (approximately $60 million) in scams linked to these operations.
Indian Government’s Response and International Collaboration
The Indian government has initiated measures to rescue these victims. Collaborative efforts between India and Southeast Asian authorities, alongside non-governmental organizations, have resulted in the successful rescue of several trapped nationals.
In August, several Indians were rescued from scam centers in the Bokeo province of Laos. Following this, the Indian Embassy in Laos issued public warnings, advising citizens to verify job offers before traveling abroad, especially on visas granted upon arrival.
One major concern is the large number of Indian nationals who traveled to Southeast Asia between January 2022 and May 2024 and have not returned. Reports estimate nearly 30,000 Indians remain unaccounted for, with many believed to be trapped in scam networks.
To address this issue, the Indian government has formed an inter-ministerial panel tasked with dismantling cyber slavery networks and repatriating victims.
Links to Human Trafficking and International Crime
Investigations have uncovered deeper connections between these cybercrime networks and other criminal activities, such as human trafficking and labor exploitation. The U.S. government has also taken steps, including sanctions against individuals involved in cyber scams and human trafficking. Recently, a Cambodian senator was sanctioned by the U.S. Department of the Treasury for his involvement in these illicit operations.
In a related move, Tether froze $5.2 million in USDT laundered through phishing schemes, aligning with the company’s efforts to combat illegal activities.
India’s Position in Global Crypto Fraud
India ranks fifth globally in cryptocurrency-related complaints. According to the FBI, India reported 840 cases of crypto fraud, resulting in $5.6 billion in losses. Among the largest scams was the 2018 GainBitcoin Ponzi scheme, in which Amit Bhardwaj defrauded over 8,000 people, leading to losses amounting to INR 2,000 crore.
The Reserve Bank of India continues to issue warnings against cryptocurrencies, citing their serious financial risks.
Website: CentBit.Online – Crypto & Blockchain Expert Bangladesh.