Indian Police Commissioner Issues Public Warning Against Cryptocurrency Frauds

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2021-12-30 16:11:47

On behalf of the Hyderabad City Police, Addl. Commissioner Shikha Goel has asked Indian citizens to invest in cryptocurrencies only through reputable and longtime players in the field.

Goel highlighted various methods that are being actively used by scammers to trick investors such as lucrative investment opportunities, illegal bank transfers, and cryptocurrencies. Acknowledging the growth of Indian crypto users, Goel added:

“Surname [những kẻ lừa đảo] asks you to share your crypto details. And once you have put it in the wallet, then the money is taken away”.

After simplifying the complex fraud in one sentence, Goel also emphasized that sixteen such cases have been registered in relation to cryptocurrencies.

Additional Commissioner of Police Shikha Goel warned Indian citizens about the increase in cybercrime during an event organized by the police of Hyderabad, India, suggesting not to transfer cryptocurrencies to personal wallets. illegal.

As a fair warning to Indian crypto investors, the commissioner said:

“If you are using or investing in crypto, please only go to reputable and longtime players in the field.”

Speaking to local news outlet The Hindu, Goel revealed that 14 of the 16 crypto fraud cases are directly related to investments and trading. Typically, scammers convince victims to transfer their newly purchased cryptocurrency for a higher profit, according to Goel:

“People have been scammed 3.45 crore rupees (about $458,000) out of greed to get higher returns than investing in crypto.”

“Once you get scammed, it’s a dead end. Virtual currency can never be traced back to its original owner,” she concluded.

The Telangana state government also spearheaded India’s blockchain efforts with the launch of the India Blockchain Accelerator program to promote blockchain startups and developers in the early stages of Web 2.0 and Web 3.0.

Speaking to Cointelegraph, Rama Devi Lanka, Telangana government’s director of emerging technology, shared her interest in using blockchain technology to solve real-world problems, adding:

“Government of Telangana will help provide the required regulatory framework to enable and promote blockchain development.”

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