Indian Police Commissioner Issues Public Warning Against Crypto Fraud

Deputy Police Commissioner Shikha Goel warned Indian citizens about the rise in cybercrime at a rally organized by the Hyderabad City Police, India, suggesting not to transfer cryptocurrencies to unauthorized private wallets.

Goel highlighted the various methods they actively use scammers to dupe investors, such as lucrative investment opportunities, illegitimate wire transfers, and cryptocurrencies. Recognizing the growth of Indian cryptocurrency users, Goel added:

“They They ask you to share the data of your cryptocurrencies. And once you put them in your wallet, they take your money. “

After simplifying the elaborate fraud into one sentence, Goel also noted that sixteen such cryptocurrency-related cases have been recorded.

Do not transfer your cryptocurrency to unauthorised private wallets
Dont fall prey to fraudsters #BeCyberSmart pic.twitter.com/eJOwsnLSmX

– Shikha Goel, IPS (@AddlCPCrimesHyd) December 26, 2021

As a warning to Indian crypto investors, the commissioner added:

“If you are going to use or invest in cryptocurrencies, please, go only to it s reputed actors with a long history in this space “.

In an interview with The Hindu, Goel revealed that 14 of the 16 cases of cryptocurrency fraud were directly related to investing and trading. Typically, scammers convince victims to transfer their newly purchased cryptocurrencies for more profit, which according to Goel:

“People have been misled by Rs 3.45 crore (approximately $ 458,000) into their greed for higher returns on investing in cryptocurrencies.”

DIAL 155260 to report financial cyber fraud like OTP, UPI or any other cyber crime where you have lost money
And yes do not delay in informing
If you inform us on time on this helpline chances of retrieving the amount are high # BeCyberSmart pic.twitter.com/HgXF34h2ko

– Shikha Goel, IPS (@AddlCPCrimesH yd) December 26, 2021 Dial 155260 to report financial fraud such as OTP, UPI or any other cybercrime in which you have lost money .
And yes, do not delay in reporting.
If you inform us in time on this helpline, the chances of getting your money back are high.

“Once you get ripped off, it’s a dead end. Virtual money can never be traced and returned to the original owner, “he concluded.

The Telangana state government is also leading the efforts. India on blockchain as it launched the India Blockchain Accelerator program to foster early stage Web 2.0 and Web 3.0 businesses and blockchain developers.

Speaking to Cointelegraph, Rama Devi Lanka, director of emerging technology 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 regulatory framework required to allow and promote the growth of Blockchain technology. “