Indian police are investigating a cryptocurrency trading app called "Datameer" that scammed at least 700 locals out of INR 10 million ($119,000). The app promised investors returns of up to 50% and claimed to be investing in cryptocurrencies. However, once investors transferred their funds, the app shut down and the scammers disappeared. Despite a lack of solid crypto regulations in India, the country has seen a surge in crypto demand. The Datameer app was active for five months and attracted both small and large investments. Preliminary investigations suggest that the perpetrators are spread across India and possibly have connections in Hong Kong. Concerns have been raised over potential international links, particularly to China. Similar cases involving Chinese entities have been investigated by Indian authorities in the past.



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