Indian police superintendent warns of cryptocurrency fraud

On behalf of the Hyderabad City Police, Addl. Commissioner Shikha Goel has urged Indian citizens to only invest in cryptocurrencies through reputable and long-standing actors.

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Goel highlighted various methods that are actively used by fraudsters to outsmart investors such as lucrative investment opportunities, illegal bank transfers and cryptocurrencies. In recognition of the growth of Indian crypto users, Goel added:

“Surname [fraudsters] ask you to share your cryptocurrency details. And as soon as you put it in your wallet, the money will be taken away. “

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

Additional Police Commissioner Shikha Goel warned Indian citizens of the rise in cybercrime during an event organized by the Hyderabad, India Police and suggested not to transfer cryptocurrencies to personal wallets.

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

“If you use crypto or invest in crypto, please only turn to reputable and long-standing players in this field.”

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

“People were cheated out of 3.45 million rupees (about $ 458,000) out of greed to get higher returns than investing in cryptocurrencies.”

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“As soon as you are betrayed, it is a dead end. The virtual currency can never be traced back to its original owner, ”she concluded.

Related: The Indian government recognizes web-2 and net-3 blockchain startups.

The Telangana state government also led India’s blockchain efforts with the launch of the India Blockchain Accelerator program to advance blockchain startups and developers in the early stages of Internet 2. and Net 3..

Speaking to Cointelegraph, Rama Devi Lanka, Director of New Technologies for the Telangana Government, shared her interest in using blockchain technology to solve real-world problems, adding:

“The government of Telangana will help provide the necessary regulatory framework to enable and encourage the development of the blockchain.”