印度的監管灰色地帶——加密貨幣犯罪分子的溫床
Satoshi Nakamoto最初發布白皮書，向全世界介紹比特幣和區塊鏈技術時，沒有人預料到虛擬貨幣或加密貨幣將給數位技術和金融服務領域帶來翻天覆地的變革。自 2009 年首次應用以來，截至 2021 年，全球約有三億加密貨幣用戶。1 據估計，印度擁有超過一億加密貨幣用戶，2 是加密貨幣用戶數量最多的國家，並因此在新技術掌握和創新方面處於全球領先地位。這一點也得到了印度主要監管機構——印度儲備銀行 (RBI) 的認可。
儘管印度擁有全球最大的加密貨幣用戶群，但在提供監管明確性和認可加密貨幣地位的必要指令方面，依然任重而道遠。印度儲備銀行曾於 2018 年 4 月發布通告，禁止進行虛擬貨幣交易，但隨後最高法院作出了撤銷該通告的裁決，顯示印度存在監管灰色地帶。這一裁決帶來了顛覆性變化，不僅加重了對使用加密貨幣的困惑，還因為未向受監管實體提供必要指南，犯罪分子利用加密貨幣進行詐欺和洗錢，引發了一系列令印度儲備銀行頭疼的問題。
Despite the fact that India has the world’s largest encrypt currency user base, much remains to be done to provide the necessary instructions for monitoring certainty and recognition of the status of the encrypt currency. The Indian Reserve Bank issued a circular in April 2018 prohibiting virtual currency transactions, but the Supreme Court later ruled against the circular, showing that India has a grey zone.
儘管缺乏監管框架，印度人仍然十分青睞加密貨幣，但忽視了相關風險，而涉及加密貨幣的洗錢事件不斷增多，令人擔憂。
Despite the lack of a regulatory framework, Indians are still highly encoded, ignoring the associated risks and the worrying increase in money laundering involving encrypted currency.
目前，從接受加密貨幣的程度及制定加密貨幣監管框架以規範其使用的方面來看，印度現有法規的成熟度參差不齊。美國、新加坡和薩爾瓦多等國家已頒布必要的監管法規，成熟度更高。但印度等國仍在探索如何接受加密貨幣，並制定相關法規。雖然各國的整體目標和方法都致力於確保金融穩定性、促進創新、防止濫用和成為犯罪工具，但各國之間缺乏協調性仍然是制定健全強大法規的最大阻礙之一。
Countries like the US, Singapore, and Salvatore have adopted the necessary regulatory regulations, which are more mature. But India and others are still exploring how to accept the encryption currency and establish the relevant laws. While the country’s overall goals and approaches are aimed at ensuring financial stability, promoting innovation, preventing misuse and becoming an instrument of crime, the lack of harmonization among countries remains one of the biggest obstacles to the development of robust laws and regulations.
2013 年，印度儲備銀行向公眾發出警告，提醒大眾基於加密貨幣涉及的風險、可能的濫用現象以及缺乏監管或法律框架，個人不要使用加密貨幣進行交易。然而，隨著加密貨幣在全球範圍內普及，印度的加密貨幣濫用情況變得更為普遍，這主要是因為缺乏對加密貨幣的監管。儘管印度儲備銀行重申其立場，並在 2017 年和 2018 年發布後續通告，建議個人不要交易加密貨幣，並多次向公眾發出警告，但在建立加密貨幣監管制度方面仍然沒有任何實質性進展。
In 2013, the Indian Reserve Bank issued a warning to the public that individuals should not use encrypted currency for trading based on the risks involved in encrypted currency, possible misuse, and lack of regulatory or legal frameworks. However, with the worldwide spread of encrypted currency, Indian encryption has become more widespread, mainly because of the lack of supervision of encrypted currency. Despite the fact that the Bank of India reiterated its position and issued circulars in 2017 and 2018 advising individuals not to trade encrypted currency, and issued repeated warnings to the public, there has been no tangible development in the establishment of an encrypted currency surveillance system.
要瞭解缺乏適當的加密貨幣法規和立法架構有何影響，就必須要研究過去二十年間印度發生的各種騙局。這些詐欺和洗錢案例也可作為學術界的案例分析，清楚地展示在立法架構缺失、教育程度低下和人性貪婪各大因素的作用下，重大騙局如何逐漸融入社會結構之中，儘管已經進入 21 世紀，就業困難和貧困仍然是嚴重的社會問題。
To understand the implications of the lack of appropriate cryptic currency laws and legislation, it is necessary to look at all kinds of frauds that have occurred in India over the past two decades. These cases of fraud and money laundering can also serve as case studies in the academic world, demonstrating clearly how major frauds are being incorporated into the fabric of society as a result of major factors such as lack of legislation, poor education, and human greed.
雖然本文重點關注近期揭露的騙局，但根據公共領域可用資訊分析，其中最著名的案例是發生在 2014 年至 2018 年的 GainBitcoin 龐氏騙局。該騙局涉及 Amit Bhardwaj、Ajay Bhardwaj 和 Vivek Bhardwaj。此前還發生過其他惡名昭彰的騙局，如 Bitconnect、Regal Coin 和 Dekado Coin 騙局，Divyesh Darji 是涉嫌這些騙局的關鍵被告。
Although this paper focuses on recent revelations, according to the available information analysis in the public domain, the most famous of these cases is the GainBitcoin con, which occurred between 2014 and 2018. It concerns Amit Bhardwaj, Ajay Bhardwaj and Vivek Bhardwaj. Other notorious scams, such as Bitconnect, Regal Coin and Dekado Coin, were alleged to be key defendants of these frauds.
在 2020 年的一場騙局中，商人 Nishad K 誘導公眾投資 Morris Coin，向投資人承諾推薦一人加入多層行銷鏈就能獲得一次每日報酬和其他獎金，結果卻是一個龐氏騙局。Nishad K 透過他的公司 Long Rich Global、Long Rich Technologies 和 Morris Trading Solutions，以首次代幣發行作為幌子騙取了近 900 名投資人的錢財。目前該案仍在調查中，主謀仍未被抓獲。
In a fraud scheme in 2020, the businessman Nishad K lured the public to invest Morris Coin, promising investors a daily reward and other prizes for joining a multilayered chain, and ended up being a Ponzi fraud. Nishad K, through his company Long Rich Global, Long Rich Technologies, and Morris Trading Solutions, stole the money of nearly 900 investors under the cover of the first pro rata.
Ether Trade Asia 騙局是最近發生的另一起加密貨幣騙局（2020 年至 2021 年），犯罪分子建立了一個虛假交易平臺，承諾每天報酬率高達 3%。3
Another recent crypto-currency fraud (2020-2021), with criminals setting up a fake trading platform, promises to pay up to 3% per day. 3
除上述騙局和龐氏騙局外，執法機關在 2022 年 11 月還發現了涉及加密貨幣交易所的洗錢案件。據現有公開資訊，其中一個案件涉及世界上最大的一家加密貨幣交易所，調查機構發現該交易所接收了匿名的非法現金匯款且並未註明詳細受益人資訊，隨後該交易所被指控涉嫌參與價值估計達 5 億美元4 的洗錢活動。
In addition to the above-mentioned scams and Ponzi scams, law enforcement agencies discovered money laundering cases involving an encrypted currency exchange in November 2022. According to public information, one of the cases involved the world’s largest encrypted currency exchange, which the investigating agency found to have received anonymous and illegal cash transfers without identifying specific beneficiaries, and was subsequently accused of involvement in money laundering activities valued at $5 billion 4.
近期備受關注的另一起案件發生在 2022 年 6 月，是一起涉及價值 1.5 億美元的詐欺案。5 在這個騙局中，詐騙犯冒充虛假交易所欺騙公眾。精通技術的犯罪分子利用虛假域名和社群媒體帳戶，接觸、說服用戶投資虛假交易所。一旦投資人信以為真、投入資金，犯罪分子就會冒充調查員或其他投資人接近他們，獲取信用卡、銀行帳號等重要資訊。這些資訊隨後被用於其他犯罪活動，這種騙局被稱為「CoinEgg 騙局」。6
Another recent case of interest occurred in June of 2022, involving a fraud worth $150 million. 5 in this scheme, fraudsters pretend to deceive the public. A sophisticated criminal uses false domain names and social media accounts to contact, talk about, and invest in a fake exchange. Once an investor believes it, invests in a fraud, criminals fake investigators or other investors approach them, taking important information such as credit cards, bank accounts, etc.
印度出現的多起騙局和加密貨幣相關洗錢活動暴露出監管機構和政府很多嚴重的問題。以下為部分亟需解決的關鍵挑戰。
Many of the frauds and money laundering related to encrypted currency in India have revealed a number of serious problems for regulators and governments. The following are some of the key challenges that need to be addressed.
監管機構缺席：加密貨幣騙局調查進展緩慢，主要是因為缺乏國家層面的監督機構。雖然其他調查機構正在負責調查，但建立專門負責調查加密貨幣相關問題的監管機構或國家機構十分必要。隨著技術進步，以及犯罪分子成為科技通，設立國家專門機構的必要性顯而易見。此類調查通常要求具備專門的調查和技術技能，因此建立一類專注加密貨幣相關騙局和事件的國家機構或監管辦公室最為穩妥。
The absence of an `strong' regulator: The investigation by the Encrypted Currency Fraud Bureau has been slow, mainly because of the lack of a state-level supervisory authority. While other investigative bodies are investigating, it is necessary to set up a surveillance unit or a state-run agency specializing in the investigation of encryption currency-related problems. As technology advances and criminals become technology, the need for a national specialized agency is evident.
重塑司法系統：第二個挑戰與第一個相關，它牽涉到目前的司法系統。現有系統過於傳統，缺乏技術能力。此外，由於缺乏立法架構，犯罪分子很容易鑽漏洞，規避法律制裁。上述騙局就是這方面的實例，主謀或主要被告甚至在受到法律訴訟之前就可以獲得保釋並潛逃。這顯示，目前的司法系統需要緊跟時代步伐，融入技術和數位化浪潮，確保法律框架嚴密健全，為公眾樹立信心，儘快將犯罪分子繩之以法。
The second challenge is related to the first one, which involves the current system. The system is too traditional and lacks technical capacity. Moreover, due to the lack of legislative framework, criminals can easily exploit loopholes and avoid legal sanctions. This is the case of fraud, in which the principal or principal accused can be bailed out even before they are brought to justice. This shows that the current system needs to keep pace with the times, integrate into the wave of technical and digitalization, ensure that the legal framework is robust, build confidence in the public and bring criminals to justice as quickly as possible.
提升調查機構的技能：加密貨幣生態系統十分複雜，很難做到對各個環節都了如指掌。犯罪分子不斷掌握新的知識和創新技術，詐欺手法層出不窮，調查機構難以追上他們變化的速度。調查機構既未具備適當的知識，也缺乏進行此類調查的有效工具。因此，不少案件可能成為「漏網之魚」，調查工作持續多年卻沒有任何實質進展。掌握適當的技能、配備有效的調查工具，對調查機構順利完成調查並重建公眾信心而言至關重要。
upgrades the skills of investigative agencies: cryptic currency systems are complex and difficult to understand in every context. Criminals keep up with new knowledge and creative techniques, fraud techniques, and investigative agencies are hard to catch up with the speed of their transformation. The investigative bodies have neither the proper knowledge nor the effective tools to carry out such investigations.
提高公眾意識：?上述案例分析都存在一個共同的問題：缺乏相關知識。公眾缺乏對此類騙局或犯罪分子的瞭解，在不知不覺中成為了相關犯罪的受害者。因此，印度政府機構有必要採取措施提高公眾意識。
raises public awareness: . There is a common problem in the analysis of these cases: lack of knowledge. A lack of public understanding of such frauds or criminals is an unwitting victim of related crime.
印度缺乏監管加密貨幣的明確規定，為加密貨幣犯罪分子提供了可乘之機。印度需要迅速採取行動，建立健全加密貨幣相關監管框架。本文案例分析清楚地顯示，印度要想遏制加密貨幣相關詐騙和洗錢活動，建立立法和監管框架勢在必行。雖然該問題已經引起廣泛關注，但各大機構仍需在政府的支持下持續完成相關工作。目前尚不清楚哪個機構將負責印度的加密貨幣監管事務，這取決於加密貨幣被視為一種貨幣，還是另一種資產類別。截至目前，印度儲備銀行在監督印度加密貨幣領域方面處於領先地位，如果加密貨幣被視為一種貨幣，印度儲備銀行可能會成為監管機構。然而，如果最後有不同的共識，政府機構決定將加密貨幣視為另一種資產類別，而現有的資本市場監管機構（即印度證券交易委員會 [SEBI]）將成為監管機構的有力競爭者。正如著名詩人George Herbert所言，“Where there is a will, there is a way.”（有志者事竟成）。在不久的將來，印度很快就會發展出強而有力的加密貨幣監管規定，並按照該階段的要求和精神制定適當的立法和監管框架。 
This case study clearly shows that India is in the process of establishing a legislative and regulatory framework to curb encryption currency-related fraud and money-laundering. While the problem has attracted widespread attention, the major institutions still need to continue to do the work with government support. It is not clear which institution will be responsible for Indian encryption currency custody, which will be treated as a currency for encryption, or as another asset. To date, the Bank of India has taken a lead role in overseeing Indian encryption currency fraud and money-laundering. If encryption currency is treated as a currency, the Bank of India will be able to do the work with government support.
Sachin Shah, CAMS, domain consultant, Tata Consultancy Services, 領域顧問，印度孟買, shahmsachin@gmail.com,? 
Sachin Shah, CAMS, domain consulting-tc/mail: shahmsachin@gmail.com” >shahmsachin@gmail.com/a>, Mumbai, India? shahmsachin@gmail.com/a>?
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