India has intensified efforts to curb crypto-related scams by partnering with tech giants Google and Meta (formerly Facebook), according to the Home Ministry’s 2024 annual report.
The initiative aims to combat the rising threat of ‘pig slaughter’, a form of crypto investment fraud that targets vulnerable groups such as unemployed youth, housewives, students and financially struggling individuals.
Rise of the pig slaughterhouse
The report details how these scams typically lure victims through social media platforms and search engines, promising high returns on crypto investments. The scheme has been gaining traction in recent months, with investors losing more than $3.6 billion to the scam in 2024.
Scammers often pose as financial advisors or representatives of legitimate investment firms, gradually building trust before convincing victims to transfer large sums of money to fraudulent schemes.
The ministry emphasized that fraudsters are abusing Google’s advertising services and Meta’s sponsored ads to launch malicious applications and phishing campaigns.
In response, the Indian Cyber Crime Coordination Center (I4C) has established protocols to work directly with these platforms to flag suspicious activity, block ads and remove fraudulent content faster.
Collaborative measures
As part of the initiative, I4C is actively monitoring digital lending apps and Android banking malware that exploit vulnerable users. The center shares lists of phishing advertisers with Google, allowing for quick removal and account suspension. Meanwhile, Meta plays a crucial role in identifying and dismantling scam pages and illegal lending apps flagged by I4C.
In an important step to protect users, Google Pay has been integrated into the Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS). This integration facilitates real-time interception of fraudulent transactions, allowing authorities to track and freeze assets.
The report notes that this system has saved over 16 billion Indian rupees and provided relief to over 575,000 victims in 2023 alone. To strengthen these efforts, the ministry has prioritized training law enforcement agencies in blockchain analytics, allowing them to trace illegal crypto transactions and seize digital assets involved in scams.
Other efforts
Training programs in crypto tracing and forensic analysis have been rolled out nationwide to improve investigative capabilities. The National Cybercrime Reporting Portal (NCRP) continues to serve as an essential platform for citizens to report crypto fraud, allowing cases to be resolved faster.
The ministry has also established the National Counter Ransomware Task Force, which works closely with financial institutions, payment platforms and crypto exchanges to mitigate large-scale cyber threats.
The report also highlighted India’s active participation in international efforts, including collaboration with the Financial Action Task Force (FATF), to strengthen global standards for combating money laundering and terrorist financing involving cryptocurrencies. This international collaboration aims to tackle the transnational nature of crypto-related crimes.
