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Bitcoin-crazy rich Indians falling prey to fake crypto wallets

Moreover, growing usage of alternative currencies such as Ethereum, Ripple and Bitcoin Cash due to their captivating features and models has been major factors backing the growth in the industry.

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New Delhi, Aug 9 : With the Supreme Court striking down the curb on cryptocurrency trade in India in March this year, there has been a surge in Indians investing in Bitcoin and with this, cybercriminals have started mobile-based fake Blockchain-based crypto wallets to lure and con the rich and the wealthy in the country.

These Blockchain-based wallets offer handsome discounts, before conning people of their hard-earned Bitcoin/cash and then going incommunicado, according to industry watchers.

“I have seen so many wealthy Indian falling into the trap of such fake cryptocurrency wallets in the recent past. One gentleman just came to me who lost $50,000 (over Rs 37 lakh) while dealing with one such fake platform,” Manan Shah, Founder and CEO, Avalance Global Solutions, told IANS.

One Indian businessman lost a whopping Rs 28 crore in such crypto wallet scam, Shah informed.

A single Bitcoin currently costs $11,000 (over Rs 8 lakh) and Indians are now investing in crores aiming for higher returns.

The modus operandi of such fake wallets is simple. They target people via sending them messages on various social media groups, asking them to sell and buy Bitcoin via their apps.

The scamsters trick them to buy and sell Bitcoin via wallets and offer them trade opportunities with other app users across the world. Once they receive Bitcoin into their systems, they disappear and stop communication altogether.

Most of these transactions are happening via Swift Global Pay (SGP), Insta Global Pay (IGP) and International Global Pay wallets, informed Shah.

Go to the popular question-and-answer website Quora and you will know more about SGP.

“I do not see any genuinity in this wallet. I purchased virtual cards by paying Rs 3.70 kakh on SGP. It was delivered online on 15th July. Till now it is not accepted anywhere online. SGP site chat no response,” posted a user that goes with the name Kumar Chvks, Managing Director with an Indian firm.

“Email no response. So only the figures are shown on Dashboard. I tried to withdraw my money in the BTC PayPal and bank. None came till now. It is a clear cheating. Expected to be a scam of 7000 Cr to my estimation,” he further posted.

According to Sumit Gupta, Co-founder and CEO, CoinDCX which is India’s largest and safest cryptocurrency exchange, as Bitcoin and other cryptocurrencies continue to mature and increase in popularity, they expect more cryptocurrency scam apps to appear and other fraudulent activities emerging.

“Scammers and hackers are getting more sophisticated in their techniques. When installing apps, it is important to stick to some basic security principles, especially when virtual currencies are at stake,a Gupta told IANS.

The global cryptocurrency market was valued at $856.36 billion in 2018 and is projected to display robust growth represented by a CAGR of 11.9 per cent during 2019-2024.

According to Gupta, users should only trust cryptocurrency-related and other finance apps if they are linked from the official website of the service, and never enter sensitive information such as log-in credentials and account details into online forms unless they are fully certain of its security and legitimacy.

“Do your due diligence on the app on the number of downloads, ratings on the App Store, recommendations from legitimate publications, etc. before downloading. In addition, users should keep their devices updated, and use reputable mobile security solutions to identify, block, and remove threats from their devices,” he advised.

If something seems too good to be true, there is a high possibility that it is a scam and users should avoid it unless verified by a trusted party.

Bitcoin currency holds the major share in the market today, owing to the growing awareness among the Indian investors, coupled with availability of larger returns is proliferating the market growth.

Moreover, growing usage of alternative currencies such as Ethereum, Ripple and Bitcoin Cash due to their captivating features and models has been major factors backing the growth in the industry.

CoinDCX has employed the best-in-industry security measures, and has partnered with leading security and compliance providers such as BitGo, providing secure custodianship and multisignature bitcoin wallet service, as well as Onfido, providing fully automated KYC identification that is seamless, protected, and secure.

“CoinDCX’s resilient security protocols including geographically distributed cold wallets, withdrawal confirmations, and 2-Factor Authentication, ensure that users’ funds are fully-protected at all times as well,” Gupta informed.

(Nishant Arora can be reached at [email protected])

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Vodafone Wins Arbitration Against India In Rs 20K Cr Retrospective Tax Dispute Case

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New Delhi: Vodafone has won the case against India over a retrospective tax demand of more than Rs 20,000 crore.

The Permanent Court of Arbitration at The Hague has ruled that the conduct of India’s tax department is in breach of “fair and equitable” treatment.

Voafone had moved the International Court of Justice (ICJ) in 2016 due to a lack of consensus between the parties’ arbitrators in finalising a judge for the tax dispute.

Following this, a tribunal was constituted in June 2016 after Vodafone challenged India’s use of a 2012 legislation that gave it powers to retrospectively tax deals like Vodafone’s $11 billion acquisition of a 67 per cent stake in Hutchison Whampoa in 2007. The retrospective tax law had been enacted after the Supreme Court judgement went in Vodafone’s favour.

Vodafone had challenged the tax department’s demand of Rs 7,990 crore as capital gains taxes (Rs 22,100 crore after including interest and penalty) under the Netherlands-India Bilateral Investment Treaty (BIT).

Buoyed by the arbitration award, Vodafone Idea stock closed 12 per cent higher at Rs 10.20.

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GST E-Invoicing Mandatory From October

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New Delhi: No further relaxation is likely in terms of e-invoicing as the Centre is set to go ahead with the decision to make GST e-invoicing mandatory for companies with annual turnover of over Rs 500 crore for their business-to-business transactions starting October 1.

Industry representatives, however, have urged the government to not make it mandatory and rather allow voluntary compliance.

The relief, however, would be there for relatively smaller businesses, as the threshold for mandatory e-invoicing, a step to improve tax compliance, was earlier planned to be kept at Rs 100 crore, is set to be raised to Rs 500 crore on the recommendations of an empowered panel of the Goods and Services Tax (GST) Council.

The initial date for its roll out was April 1, 2020, but the Centre notified October 1, 2020, as revised date for implementation of e-invoicing.

As per the website of the Good and Service Network ‘e-invoicing’ has many advantages for businesses such as standardisation, interoperability, auto-population of invoice details into GST return and other forms (like e-way bill), reduction in processing costs, reduction in disputes, improvement in payment cycles and thereby improving overall business efficiency.

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Online grocery to become $18bn industry in India by 2024: Report

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As companies from Reliance to Amazon put their top dollar in serving daily grocery at your doorstep, a new report said on Friday that online grocery is going to be the next battleground for growth, expanding to over $18 billion by 2024.

According to a joint report by a joint initiative by Bengaluru-based market consulting firm RedSeer and Bigbasket (Brand Intelligence), driven by the significant rise in organic adoption during Covid-19, eGrocery has been on a surge with clocking 1.7 times in gross merchandise value (GMV) in June this year as compared to January.

Online grocery will remain steady for the rest of the year to reach more than $3 billion, the report mentioned.

“The industry has seen more than 70 per cent ARR (annual recurring revenue) jumps in the last quarter across categories. This brings the opportunity to serve a larger set of customers, and some challenges with it,” said Hari Menon, co-founder and CEO of BigBasket.

The report found that demand for comfort foods like noodles and cookies, immunity boosters like lemon and hygiene products like sanitizers picked up after the pandemic while essentials remained strong.

Snacks and branded foods grew by 5 per cent quarterly pre-Covid, however growth jumped to 75 per cent in the June quarter.

Within snacks and branded foods, biscuits and cookies was the largest sub-category and grew the most in Q2.

Beverages grew by 2 per cent quarterly pre-Covid, however growth jumped to 50 per cent in Q2.

“Personal Care grew by 5 per cert quarterly pre-Covid but jumped to 24 per cent in Q2 due to Covid.

“We have observed that traditional brands which pivoted quickly to be digitally ready brands have seen 2x+ jump in sales compared to offline brands. We are excited to have this opportunity to serve the ecosystem,” said Anil Kumar, founder and CEO of consulting firm RedSeer.

Home utilities grew by 6 per cent quarterly pre-Covid but jumped to 11 per cent in Q2.

Within home utilities, detergents and dishwash were the largest sub-category but grew the least in the last quarter.

According to the report, home utilities were not severely affected by the pandemic.

-IANS

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