India Orders Shutdown of 38 Fraudulent Crypto Sites

The Delhi High Court has directed the Indian Ministry of Communications to swiftly address the issue of 38 fraudulent websites masquerading as the cryptocurrency exchange Mudrex.

This order, issued on August 23, requires the ministry to shut down these deceptive sites within a week.

The court’s intervention followed a request from Mudrex, which had received complaints from approximately 15 individuals who fell victim to these fake websites. These victims either reached out to Mudrex’s customer support or visited their Bengaluru office to report the fraud.

Mudrex’s CEO and co-founder, Edul Patel, believes the actual number of victims could be around 1,000, with potential losses exceeding $50,000. The scammers had posed as Mudrex staff on platforms like Telegram, enticing investors with offers of rewards and job opportunities in return for tasks such as writing Google reviews.

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The court’s ruling highlights that these fraudulent sites misled the public into investing money under the guise of being associated with Mudrex. Despite an earlier police complaint filed in Bengaluru on March 23, the fraudulent activities persisted. This prompted Mudrex to seek judicial intervention.

Patel hopes that the court’s decision will help restore investor confidence, especially in light of recent high-profile security breaches in the cryptocurrency sector, and reaffirm Mudrex’s commitment to user protection and platform integrity.

Alexander Stefanov