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Analyzing Cryptocurrency-Driven Fraud: Case Studies and Forensic Investigations with Breadcrumbs

  • Unique Paper ID: 173036
  • Volume: 11
  • Issue: 9
  • PageNo: 1962-1969
  • Abstract:
  • The convergence of traditional banking systems and cryptocurrencies has introduced new vulnerabilities that criminals are increasingly exploiting for illicit activities, including bank fraud and money laundering. This paper examines a large-scale cross-border bank fraud operation uncovered by Indian law enforcement in 2024, in which a criminal syndicate used a multi-phase approach to siphon funds from victims' bank accounts and launder the money through cryptocurrencies. The fraudsters targeted small business owners and professionals through phishing scams to gain access to sensitive banking information, subsequently transferring the stolen funds across multiple bank accounts and converting them into digital currencies. The laundered funds were then moved to foreign wallets in jurisdictions with lax anti-money laundering (AML) regulations, making the trail difficult to trace. The investigation faced significant forensic challenges, including tracking complex bank transfers, overcoming the anonymity of cryptocurrency transactions, and dealing with international jurisdictional issues. Additionally, the involvement of social engineering and insider collusion within financial institutions complicated the case. This paper explores the methods employed by the fraud syndicate, the obstacles encountered during the forensic investigation, and the broader implications for law enforcement in combating cryptocurrency-driven crimes. It also highlights the need for enhanced forensic tools, international collaboration, and stronger AML frameworks to address the evolving threat posed by cybercriminals in the digital financial ecosystem. Through a case study analysis, this research contributes to the ongoing development of strategies aimed at improving the detection, investigation, and prosecution of cryptocurrency-facilitated fraud and money laundering.
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Cite This Article

  • ISSN: 2349-6002
  • Volume: 11
  • Issue: 9
  • PageNo: 1962-1969

Analyzing Cryptocurrency-Driven Fraud: Case Studies and Forensic Investigations with Breadcrumbs

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Impact Factor
8.01 (Year 2024)
UGC Approved
Journal no 47859

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