Indian Economy News

Under the leadership of Prime Minister Mr. Narendra Modi and the guidance of Union Home Minister Mr. Amit Shah, building a "Cyber Safe India" is one of the top priorities of the Ministry of Home Affairs

The National Cybercrime Threat Analytics Unit (NCTAU) within the Indian Cybercrime Coordination Centre (I4C) identified and recommended blocking over 100 websites engaged in organised investment and task-based part-time job frauds.

The Ministry of Electronics and Information Technology (MeitY), exercising its authority under the Information Technology Act of 2000, has blocked these websites. These websites, implicated in facilitating organised illegal investment-related economic crimes, were found to be operated by overseas entities utilising digital advertisements, chat messengers, and mule or rented accounts.

Additionally, it was discovered that the proceeds from these large-scale economic frauds were being laundered out of India through methods such as card networks, cryptocurrency, overseas ATM withdrawals, and transactions involving international financial technology companies. Additionally, S&P notes the potential for significant growth in India's high-growth startup ecosystem, particularly in financial and consumer technology, fuelled by a burgeoning domestic digital market in the coming decade.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.