In today’s digital age, cybercrime, forex scams, and crypto frauds are on the rise in India. Advocate Siby Varghese, a leading cybercrime lawyer and founder of SHIELD Law Firm, is at the forefront of combating these challenges. With his expertise, individuals can navigate the complex legal landscape and protect themselves from financial frauds.
Understanding Cybercrime in India
Cybercrime encompasses offenses like online fraud, identity theft, hacking, and financial scams. Adv. Siby Varghese emphasizes the importance of legal awareness and timely action to combat such crimes. Victims can seek redress under laws like the Information Technology Act and the Bharatiya Nyaya Sanhita (BNS).
Forex Trading: Legal Boundaries and Risks
Forex trading is legal in India but strictly regulated. According to Adv. Varghese, Indian residents can trade only in currency pairs involving the Indian Rupee (INR) through platforms approved by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). Engaging with unauthorized forex platforms or trading in non-INR pairs can lead to severe penalties, including fines up to 300% of the involved amount and imprisonment under the Foreign Exchange Management Act (FEMA).
Cryptocurrency Trading: Legal Status and Cautions
Cryptocurrency trading is permitted in India, though cryptocurrencies are not recognized as legal tender. Adv. Varghese notes that while individuals can buy and sell digital assets like Bitcoin and Ethereum, they must comply with regulations, including a 30% tax on profits and a 1% TDS on transactions. The Supreme Court’s 2020 ruling lifted the RBI’s earlier ban, reaffirming the legality of crypto trading.
Common Scams in Forex and Crypto Trading
Adv. Siby Varghese identifies several prevalent scams:
Ponzi Schemes: Fraudulent investment operations promising high returns, paying earlier investors with new investors’ funds.
Pump and Dump Schemes: Artificially inflating the price of an asset to sell at a profit, leaving others with losses.
Fake Influencers and Courses: Scammers showcasing luxurious lifestyles to sell overpriced or worthless trading courses.
Phishing Attacks: Deceptive attempts to obtain sensitive information by masquerading as trustworthy entities.
These scams often exploit social media platforms and lack of investor awareness.
Legal Recourse for Victims
Victims of cybercrime, forex scams, or crypto frauds have several legal avenues:
Information Technology Act: Addresses offenses like hacking, identity theft, and online fraud.
Bharatiya Nyaya Sanhita (BNS): Covers cheating, breach of trust, and other criminal offenses.
Consumer Protection Act: Protects against unfair trade practices and defective services.
Adv. Varghese advises victims to promptly file complaints with cybercrime cells, preserve all evidence, and seek legal counsel to navigate the judicial process effectively .
SHIELD Law Firm and VakeelAtHome: Legal Support at Your Fingertips
SHIELD Law Firm, under the leadership of Adv. Siby Varghese, specializes in handling cases related to cybercrime, forex fraud, and cryptocurrency scams. Additionally, the VakeelAtHome platform co-founded by Adv. Varghese offers accessible legal services, connecting individuals with experienced lawyers across India .
Protect Yourself: Tips from Adv. Siby Varghese
Verify Platforms: Engage only with RBI and SEBI-approved trading platforms.
Be Skeptical of Guarantees: Avoid schemes promising assured high returns.
Secure Personal Information: Never share sensitive data like passwords or OTPs.
Report Suspicious Activities: Promptly notify authorities about potential scams.
Seek Legal Advice: Consult professionals like Adv. Varghese for guidance.
For expert legal assistance, contact Adv. Siby Varghese at +91-8884999803 or visit www.sibyvarghese.com.
