India's Ministry of Home Affairs is addressing cryptocurrency scams with a new initiative called the Cryptocurrency Intelligence and Analysis Tool (CIAT).

CIAT will monitor the dark net, identify crypto wallet addresses involved in dark net transactions, and send alerts for suspicious activity.

It will also collect transaction records, including dates, timestamps, addresses, and transaction details, with a focus on detecting unusually high transaction volumes as potential red flags, a report from CNBC revealed.

The action comes as cryptocurrency-related crime in India continue to spread, with an estimated $10 billion total losses for its citizens.

Earlier in September, an Indian software engineer reportedly lost more than $120,500 from a romance crypto scam in a token called Banocoin.