The project, started in September last, is being prepared by the Indraprastha Institute of Information Technology.
Faculty in-charge Prof Ponnurangam Kumaraguru said the project would use the same technology that is killing lives to save lives.
"The goal is to identify the victims and curators, both of whom are using social media to connect with each other," he said, adding that the game which was confined to a Russian social networking website 'VKontakte' (VK) has now spread to Twitter, Instagram and other popular social networking sites.
Kumaraguru said the project would be using Artificial Intelligence-based techniques such as machine learning which throws open other options to developers such as natural language processing, social net analysis and information retrieval to collect cues from social media.
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"We have collected a lot of data via these cues and are building a prototype to identify these kinds of posts," he said.
Once the system is developed, it can be used as a browser extenstion which parents can install on their computers to flag potential threats, the professor said.
Commenting on the accuracy of the system, Kumaraguru said, "Right now there is no technology to make us proactive in this matter, but we are trying to put a fool-proof system to identify the accurate triggers so that the investigative agencies do not end up wasting time on the fake ones".
The team has also manually verified the deaths caused due to the game across the world and pegged the numbers at 170, with India reporting 10 deaths.