Pig Butchering Fraud and Cyber Law

1. What is Pig Butchering Fraud?

Pig butchering fraud is a name for a long-term investment scam.

Perpetrators first gain the victims’ trust, then convince them to invest increasingly large amounts of money, generally in cryptocurrency.

The scam started out on dating apps and continues to be widespread on other social media platforms. They involve a lot of emotional manipulation.

The process of gaining the victim’s trust is compared to “fattening a pig”, and the loss of money is the “butchering”.

2. Real-Life Story

In 2023, a man in the US was involved in a $47 million pig butchering scam. When he needed money, he stole it from the bank he was CEO of.

This led to the bank being shut down and him being sentenced to 24 years in prison.

3. Victims are Made to Feel

✅ Trusting of the perpetrator                                                                                                                                          ✅ Isolated and unwilling to seek help                                                                                                                            ✅ Desparate to solve financial issues

4. Our Secret Tips

✅ Suspect: Be wary of people you meet online, no matter how trustworthy they seem.                                                        ✅ Meet: Try meeting offline to see if the person is who they claim to be.                                                                          ✅ Research: Never invest in anything unless you’ve thoroughly researched about it.

5. Cyber Law in Action

Sections of the BNS that may apply:

✅ Section 318: Cheating                                                                                                                                               ✅ Section 319: Cheating by personation

Sections of the IT Act that may apply:

✅ Section 66D: Cheating by personation using a computer resource