The rise of cryptocurrency in India has brought with it a surge in online financial fraud, leaving many investors unaware of how their funds vanish into digital labyrinths. An investigation covering the period from January 2024 to September 2025 has revealed that at least 27 cryptocurrency exchanges were exploited by cybercriminals for laundering illicit funds.

According to a report prepared by the Ministry of Home Affairs (MHA), these platforms were used to defraud 2,872 individuals of a total Rs 623.63 crore over just 21 months. The report, compiled by the National Cybercrime Reporting Portal (NCRP) and the Indian Cyber Crime Coordination Centre (I4C), describes the cases as one of the most complex cyber money-laundering operations detected so far in the country.

Investigators found th

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