India teams up with Google and Facebook to combat cryptocurrency scams

India is collaborating with tech giants Google and Facebook to increase efforts to crack down on "Ponzi schemes" that use cryptocurrency for investment fraud. According to the Indian Ministry of Home Affairs' annual report for 2024, these scams primarily target vulnerable groups such as unemployed youth, housewives, students, and economically disadvantaged individuals. The report emphasizes the global nature of the problem, which also involves large-scale money laundering and online enslavement. Scammers often abuse Google's advertising services and Facebook's sponsored ads to launch fraudulent applications and malicious phishing schemes.