A public caution has been issued by the Indian Police Commissioner about cryptocurrency scams.
Addl. Commissioner Shikha Goel, on behalf of the Hyderabad City Police, urged Indian citizens to invest in cryptocurrency only through reputable and long-established companies.
In an event sponsored by the city police of Hyderabad, India, Additional Commissioner of Police Shikha Goel warned citizens of India about the surge in cybercrime, advising them not to move cryptocurrency to unapproved private wallets.
Fraudsters are aggressively using a variety of methods to deceive investors, according to Goel, including attractive investment offerings, illicit bank transactions, and cryptocurrency. Goel acknowledged the rise of crypto users in India, saying:
“They [fraudsters] ask for your cryptocurrency information.” And the money is taken away once you put it in your wallet.”
After succinctly summarizing the complex deception, Goel went on to say that sixteen similar cases involving cryptocurrency have been reported.
The commissioner issued the following warning to Indian crypto investors:
“If you’re going to use or invest in cryptocurrencies, please stick with the well-known and long-established players.”
Goel said in an interview with The Hindu that 14 of the 16 crypto fraud instances were linked to investment and trade. Typically, scammers persuade victims to transfer their freshly acquired bitcoins to them in exchange for increased returns, which, according to Goel:
“In their eagerness for bigger profits on cryptocurrency investments, people have been defrauded of 3.45 crore rupees (approximately $458,000).”
“Once you’ve been duped, it’s a dead end.” “Virtual money can never be traced back to its original owner and repaid,” she concluded.
Telangana’s state government is also at the forefront of India’s blockchain activities, having launched the India Blockchain Accelerator program to support early-stage Web 2.0 and Web 3.0 startups as well as blockchain developers.
Rama Devi Lanka, the Telangana government’s director of emerging technologies, told Cointelegraph that she is interested in using blockchain technology to solve real-world challenges, adding:
“The Telangana government will assist in establishing the necessary regulatory framework to enable and support the growth of blockchain technology.”