Crypto Scammers Target Indians with Fake BBC News Report Featuring Anant Ambani
In a sophisticated scam targeting Indians, crypto fraudsters have fabricated a BBC News article featuring Indian billionaire Anant Ambani endorsing a crypto investment platform. The bogus article, complete with clickbait headlines and a layout resembling the BBC’s website, falsely claims that Ambani has promoted an investment opportunity capable of turning small sums into millions within months.
The article, falsely attributed to former BBC journalist Jane Wakefield, appears as an ad on social media platform X (formerly Twitter), using an account likely hijacked by the scammers. On first glance, it mimics a legitimate BBC report, complete with the iconic BBC logo, headlines, and page layout. However, clicking the link leads to a website with the URL “nguyenhm.com” instead of the genuine “bbc.com.” The fake page lacks authentic BBC site features, such as clickable news sections, and instead redirects visitors to a questionable cryptocurrency platform.
An Elaborate Hoax with False Claims
In the fabricated story, Ambani, son of India’s wealthiest man Mukesh Ambani, is purportedly quoted in an interview discussing wealth disparity and advocating for “alternative income sources.” The hoax article quotes him making controversial statements such as “poverty is a human choice” and promotes Everix Edge, a supposed investment platform leveraging blockchain and AI to guarantee high returns.
The fake news report claims that users can turn a modest investment of INR 26,000 (approximately $30) into a million rupees in “3-4 months.” The scammers even added fake testimonials from public figures like Canadian broadcaster Kevin Newman and billionaire David Thompson to boost credibility. Once on the platform, potential victims are asked to share personal information—including name, address, email, and phone number, data likely to be misused by fraudsters to steal funds or personal details.
A Growing Trend in Crypto Phishing Scams
This type of scam isn’t isolated to India. Similar schemes have surfaced worldwide, where scammers use well-known personalities and reputable platforms to lend legitimacy to fraudulent crypto schemes. In May 2024, similar fake BBC articles surfaced, prompting the Delhi High Court to order the removal of promotional posts from social media platforms Meta and X. Additionally, the court instructed Indian internet service providers to block related websites in June. However, this enforcement has proven ineffective, as scammers continue to resurface on alternative domain providers and platforms.
Globally, phishing scams in the crypto world are on the rise, with fraudsters luring victims to fake websites through emails, social media ads, and even search engine ads. The schemes often promise high returns and use fear tactics or fake endorsements to rush victims into quick decisions. Other international scams have leveraged the names of personalities like Elon Musk and Warren Buffett to trick unsuspecting investors into fake cryptocurrency giveaways or investment opportunities.
Crypto Regulations and Public Protections in India
India’s stance on cryptocurrency has evolved over the years, as the government seeks to both harness and regulate the sector. The country has yet to implement comprehensive crypto regulation, but recent efforts have focused on controlling risks and increasing oversight. In 2023, India’s Ministry of Finance introduced a 30% tax on crypto gains and imposed a 1% TDS on all crypto transactions to curb speculative trading and ensure tax compliance. Meanwhile, India’s Reserve Bank (RBI) has maintained a cautious stance, advocating for a ban on private cryptocurrencies while supporting research on a digital rupee.
As Indian citizens are increasingly targeted by crypto scams, experts emphasize the need for investor awareness and caution. Financial and regulatory bodies like the RBI have issued advisories urging the public to conduct due diligence before engaging in crypto investments. The Securities and Exchange Board of India (SEBI) has also warned investors of fraudulent schemes and urged them to verify the legitimacy of platforms.
Tips to Avoid Crypto Scams
Given the rise in crypto-related fraud, there are several precautions the public can take to protect themselves:
- Verify URLs and Website Authenticity: Always check URLs and ensure they match the official domain of trusted news sources or financial platforms. Avoid clicking on suspicious links, especially in ads or unsolicited messages.
- Research Investment Platforms: Before investing in a platform, look for legitimate reviews, third-party audits, or regulatory approvals. Never rely on just one source of information.
- Be Skeptical of “Too Good to Be True” Promises: Avoid schemes that promise guaranteed high returns in a short period, especially if they promote low-risk, high-reward offers—a common red flag in financial scams.
- Enable Multi-Factor Authentication: Use two-factor or multi-factor authentication (MFA) on all crypto accounts and email addresses associated with financial transactions.
- Beware of Celebrity Endorsements: Double-check endorsements attributed to celebrities or prominent personalities. Scammers often use fake endorsements to lend legitimacy to their schemes.
As digital finance continues to evolve, so too will the tactics of cybercriminals, particularly in the crypto space. For the public, adopting a vigilant and well-informed approach to digital investments is critical to staying protected in this rapidly expanding, and sometimes perilous, market.
Katherine Dobbs
Financial Desk
