India has topped the crypto adoption list for the second time in 2024 and the number of cryptocurrency users has constantly been surging in the nation, with the surged adoption popularity the number of crimes concerning digital has also grown. 

In a most recent development, a regional media of Madhya Pradesh has unveiled that the Central Bureau of Investigation (CBI) has raided over one dozen locations across the nation, in search of evidence over the complaint of crypto scam worth a significant amount.

During the raid conducted in seven different locations in the Union Territory of India and Madhya Pradesh, the agency has discovered several devices, digital evidence with around $39k in digital assets in a cryptocurrency wallet and around 34 lakhs in Indian currency. 

As per an official the agency has detained over half a dozen individuals over their involvement in a crypto Ponzi scheme, which promised innocent investors huge returns. 

It is worth noting that the Central Bureau of Investigation has filed a case against the detained involvement over the charges of running an organized cybercrime module. The charged individuals are from different regions of India including Delhi, Hazaribag, Bathinda, Ratlam, Valsad, Pudukkottai, and Chittorgarh.

Furthermore, the agency noted that the individual has been running bogus investment schemes, promising investors huge returns and portraying the scheme as legitimate and registered with the regulators of India.

Rising Illicit Crypto activities stalling India’s Blockchain growth

As per the annual report by Chainalysis published in 2024, India has topped the crypto adoption list for the 2nd consecutive year, and by the end of 2025, the total number of crypto users is expected to reach a new milestone. 

Yet some of the published reports in 2024 argue that the growing adoption and popularity of cryptocurrencies might see steadiness or slow growth if the pace of illicit activities continues to grow. 

The number of criminal activities concerning cryptocurrencies saw a staggering growth, and the primary reason stated behind the surge is the harsh stance of the government as well as regulators of the nation.