Social Media: The New Hub for Counterfeit Currency Syndicates
CloudSEK, a cyber intelligence firm, reports counterfeit currency syndicates in Maharashtra using social media platforms like Facebook and Instagram to operate openly. The firm's investigation revealed over Rs 17.5 crore in fake currency circulated in six months, identifying individuals through digital forensics. Information has been shared with law enforcement agencies.
- Country:
- India
Cyber intelligence firm CloudSEK has uncovered counterfeit currency syndicates based in Maharashtra that are utilizing social media platforms for their operations, as per a recent report by the company.
The report states that such syndicates, previously confined to the dark web and clandestine print shops, are now brazenly exploiting social media channels like Facebook and Instagram for their illicit trade.
CloudSEK's Sourajeet Majumder, a security researcher, confirmed the firm has notified law enforcement with comprehensive details on the syndicate, including phone numbers, GPS data, and digital evidence. This counterfeit currency network reportedly circulated Rs 17.5 crore in fake Indian currency over six months.
The investigation identified more than 4,500 posts promoting the fake currency, over 750 accounts facilitating sale, and around 410 unique phone numbers linked to sellers. Findings have been shared with regulatory authorities to encourage swift action against the operations threatening financial stability.
(With inputs from agencies.)
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