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India Act Against Chinese Investment Scam Websites; How to Avoid Online Scams
India initiates crackdown on 100+ Chinese-operated websites involved in investment scams to protect users from financial threats.
In response to a surge in financial threats and fraudulent activities, India is gearing up to crackdown on over 100 Chinese-operated websites engaged in investment scams. The move aims to safeguard vulnerable users targeted by schemes resembling predatory loan apps. Despite the outward appearance of being Indian entities, these scam websites funnelled funds to Chinese operators. The Ministry of Home Affairs has instructed the Ministry of Electronics and Information Technology to block these fraudulent platforms. Central agencies identified the websites, prompting a thorough analysis that led to the government's decision to ban them. The complex money transfer system employed by these sites, connected to multiple bank accounts, ultimately converted funds into cryptocurrency. Additional sites may be added to the ban list in the future. Concerns raised by several states about such scams undermining the financial system prompted the government's decisive action.
