Author: Simran Mishra

ED Finds Nearly Rs. 19 Crore in Linked Bank Accounts as Fake Call Centre Probe Expands Across Multiple Cities The Enforcement Directorate has alleged that an international fake call centre scam routed money collected from US citizens through cryptocurrency and hawala networks before bringing it into India.  The Hyderabad zonal office traced the money trail while investigating alleged kingpin Vikas Kumar Nimar, who faces charges under the Prevention of Money Laundering Act after FIRs by Madhapur Police and a related CBI case. Investigators alleged the syndicate targeted foreign nationals, mainly US citizens, through fake technical support calls between 2017 and…

Crypto Exchange Closures Reflect Lower Trading Volumes, Rising Compliance Costs as Bigger Platforms Gain Market Share

Only 4% of Coinbase Security Reports Earned Rewards as AI-Driven Submissions Reshaped Bug Bounty Program Coinbase changed its bug bounty program after seeing a sharp rise in low-quality security reports. The crypto exchange said artificial intelligence has made it easier to send duplicate and less useful reports. The new rules came into effect on July 29 and apply only to its Web2 program on HackerOne. The company has stopped paying rewards for low and medium severity bugs. It also reduced rewards for more serious findings. High severity payouts dropped from $15,000 to $6,000, while critical bug rewards fell from $50,000…

Investigators Recover $12,000 in Crypto, Rs. 13.5 Lakh Cash as ED Traces Bitcoin Money Trail in Hyderabad Scam The Enforcement Directorate (ED) has arrested Vikas Kumar Nimar, also known as Misty, in a major fake call centre scam linked to Hyderabad. Officials said the group cheated many people in the United States and later moved the illegal money into Bitcoin and other cryptocurrencies. The arrest came after fresh ED searches in Hyderabad and Ahmedabad as part of an ongoing money laundering investigation. After taking Nimar into custody, officials took him to Gandhi Hospital for a medical examination before producing him…

New Tool Generates Schedule VDA-Ready Reports Using FIFO Method for Faster Crypto Tax Filing Across Exchanges Indian crypto exchange WazirX has launched Taxlyst, a free crypto tax reporting tool that helps investors prepare their tax reports before the July 31 income tax filing deadline. The platform allows users to upload transaction histories from different crypto exchanges and generate tax reports within minutes. Taxlyst is designed to make crypto tax reporting simple and quick. Many investors use more than one exchange, and calculating taxes manually can take a lot of time. The platform automatically calculates crypto gains, losses, and estimated tax…

Fake Sparrow Wallet Never Existed on iPhone, Lawsuit Says Apple Missed Warning Signs Before $1.8M Losses Apple is facing a lawsuit after three iPhone users claimed they lost nearly $1.8 million in Bitcoin through a fake crypto wallet app on the App Store. The case has raised fresh questions about Apple App Store security and how fake financial apps get approved. The lawsuit was filed in the US District Court for the Northern District of California. According to the complaint, the users downloaded a fake version of Sparrow Wallet from the App Store. After moving their Bitcoin into the app,…

Crypto Exchanges Must Verify Tax Residency and User Details Under CBDT Rules From 2026 to Improve Transparency The Central Board of Direct Taxes (CBDT) has come up with a new Crypto Reporting Framework. It introduces clear rules for Indian crypto exchanges in terms of reporting crypto transactions. The new guidelines will apply from the 2026 calendar year and aim to improve tax transparency without changing the current crypto tax system. Under the new framework, crypto exchanges and other crypto service providers must identify users who need to be reported. They must also verify each user’s tax residency and collect the…

UK Court Hears Crypto Scam That Allegedly Used Fake Police Calls, One Victim Lost Over £300K as CJ Ujah Pleads Not Guilty

OECD CARF Alignment Gives India Better Crypto Transaction Tracking as Industry Expects Clearer Digital Asset Rules India has strengthened oversight of the cryptocurrency sector after the Central Board of Direct Taxes issued fresh guidance for crypto reporting under the Income Tax Act. The move focuses on stronger tax compliance while signaling that a broader policy for virtual digital assets could follow in the coming months. The guidance operationalizes the OECD’s Crypto Asset Reporting Framework, bringing India closer to global tax transparency standards. Crypto exchanges and other virtual digital asset service providers must now follow detailed reporting requirements, allowing tax authorities…

ED Seizes Rs. 3 Crore, Tracks Crypto Wallets, Offshore Accounts in Global Drug Money Probe The Enforcement Directorate (ED) has arrested Dubai based Indian national Nihal V.N. for allegedly operating a crypto hawala network that helped international drug syndicates move illicit money across borders. Officials produced him before a Special PMLA Court in Goa, which granted the agency seven days of custody until July 28 for further investigation. Investigators alleged that Nihal worked as a major financial link for narcotics groups active across several countries. The agency claimed he converted cash generated from drug sales in India into cryptocurrency and…