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India warns of crypto fraud and how to avoid it

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

Goel warned Indian citizens of the rise in cybercrime during a police-organized event in Hyderabad, India.

She highlighted various methods that are actively used by scammers to scam investors, such as lucrative investment opportunities, illegal bank transfers, and cryptocurrencies. At the same time, Goel also recognized the growth of Indian crypto users.

“Scammers ask you to share your crypto data. And as soon as you put them in your wallet, they automatically disappear. “

After simplifying the complex scam, Goel is too emphasize There have been sixteen such cases with cryptocurrencies.

“Do not transfer your crypto to unauthorized personal wallets. Don’t fall victim to scammers. “

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

“If you use crypto or invest in crypto, please only go to reputable and established playgrounds on site.”

In an interview with The Hindu, Goel Disclosure that 14 out of 16 crypto fraud cases are directly related to investing and trading. Usually scammers convince the victims to transfer their newly purchased cryptocurrency for a higher profit.

“People have been cheated of 3.45 million rupees (about $ 458,000) for a higher return than investing in crypto. Once you get fooled, it’s a dead end. The virtual currency can never be traced back to its original owner. ”

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 Web 2.0 and Web 3.0.

Rama Devi Lanka, Director of Emerging Technologies for the Telangana Government, shared her interest in using blockchain technology to solve real-world problems.

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

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.