By B S Makar, Advocate
Founder – B S Makar Advocates and Solicitors
📍 Office: House No. 669, Sector 64, Mohali, Punjab
📞 *+91-9878131111* | 🌐 www.makarlaws.com
🔖 Specialist in Cyber Fraud, Financial Recovery, NRI Legal Matters & Civil Litigation
The Rising Threat of Cryptocurrency Fraud in India
India’s crypto market is booming—but so are scams. Fake exchanges, phishing attacks, Ponzi schemes, and fraudulent ICOs have duped investors of crores. With no dedicated cryptocurrency law, victims often feel helpless. But here’s the good news: India’s legal framework, including the Bharatiya Nyaya Sanhita (BNS), 2023, and the IT Act, 2000, provides powerful tools to fight back and recover losses.
Common Crypto Scams Targeting Indians
✔ Fake Investment Platforms – “Guaranteed high returns” schemes
✔ Phishing Scams – Fake wallet login pages stealing private keys
✔ Ransomware Attacks – Hackers locking data & demanding crypto payments
✔ Pump-and-Dump Coins – Fraudulent tokens hyped then abandoned
✔ Impersonation Fraud – Fake customer support stealing credentials
Legal Weapons Against Crypto Fraud in India
1. Bharatiya Nyaya Sanhita (BNS), 2023 – Key Provisions
🔹 Section 316 (Cheating) – Punishes fake crypto investment schemes
🔹 Section 317 (Cheating by Personation) – Covers fake exchange executives/scam callers
🔹 Section 308 (Criminal Breach of Trust) – Against wallet providers misusing funds
🔹 Section 334 (Forgery of Electronic Records) – For manipulated transaction proofs
🔹 Section 336 (Using Forged Records) – Penalizes fraudsters using fake documents
2. Information Technology Act, 2000 – Cybercrime Laws
🔸 Section 66D – Cheating via impersonation (fake exchange websites)
🔸 Section 66C – Identity theft (stolen wallet credentials)
🔸 Section 43 – Hacking & unauthorized access to crypto accounts
3. Additional Legal Avenues
⚖ PMLA, 2002 – If fraud involves money laundering
⚖ Consumer Protection Act, 2019 – For misleading crypto platforms
⚖ Cybercrime Portal – File complaints at www.cybercrime.gov.in
⚖ Economic Offences Wing (EOW) – For large-scale fraud cases
Step-by-Step Guide if You’re a Victim
1️⃣ Preserve Evidence – Screenshots, transaction IDs, wallet addresses, emails
2️⃣ File an FIR – Mention BNS & IT Act sections in your police complaint
3️⃣ Alert Legitimate Platforms – If scammers impersonated real exchanges
4️⃣ Approach Cyber Cell – Online/offline complaint for faster action
5️⃣ Send Legal Notice – If fraudster’s identity is known
6️⃣ Initiate Civil Suit – For compensation & freezing scammer assets
7️⃣ Push for Criminal Probe – Escalate to EOW if local police delay action
How We Help Victims Fight Back
At B S Makar Advocates, we specialize in:
✅ FIR Drafting & Criminal Complaints (BNS/IT Act)
✅ Money Recovery Suits & Consumer Cases
✅ Cybercrime Cell & EOW Representation
✅ Legal Notices to Exchanges/Wallet Providers
✅ Cross-Border Fraud Recovery (Binance, WazirX etc.)
Recent Case: *Recovered ₹1.2 Cr for an NRI trapped in a fake Bitcoin mining scheme by filing under BNS Sec 316 + IT Act.*
Key Takeaways
🔴 Act Fast – Delays weaken recovery chances
🔴 Document Everything – Evidence is critical for police & courts
🔴 Use Updated Laws – BNS 2023 has stronger anti-fraud provisions
🔴 Professional Help Matters – Crypto cases need tech-savvy legal experts
Got Scammed? Take Action Now!
B S Makar, Advocate
📞 *+91-9878131111* | ✉ advbsmakar@gmail.com
🌐 www.makarlaws.com
