A police commissioner in India delivers a public warning about cryptocurrency scams

Commissioner Shikha Goel, on behalf of the Hyderabad City Police, urged Indian residents to engage in cryptocurrency only via reputable and long-established companies in the space.

In an event sponsored by the city police of Hyderabad, India, Additional Commissioner of Police Shikha Goel cautioned Indian residents about the surge in cybercrime, advising them not to move cryptocurrency to unapproved private wallets.

Goel emphasised the several tactics fraudsters employ to defraud investors, including enticing investment offerings, unauthorised bank transfers, and cryptocurrency. Recognizing the increase of crypto users in India, Goel added:

“They [fraudsters] enquire for your Bitcoin information. And as soon as you place it in your wallet, the money is snatched.”

After succinctly summarising the sophisticated deception, Goel noted that sixteen similar cases involving cryptocurrency had been recorded.

The commissioner issued the following warning to Indian cryptocurrency investors: “If you’re going to use or invest in cryptocurrencies, please stick with reputable and long-established players.”

Goel said in an interview with The Hindu that 14 of the 16 crypto fraud instances included direct investment and trade. Typically, fraudsters induce victims to move their freshly acquired bitcoins in order to increase their income, which Goel describes as:

“People have been duped out of 3.45 crore rupees (about $458,000) in their quest for bigger profits on bitcoin investments.”

DIAL 155260 to report financial cyber fraud such as OTP, UPI, or any other kind of cyber crime that results in monetary loss.

Additionally, do not hesitate in notifying

If you notify us promptly using this hotline, the likelihood of recovering the funds is great. “Once you’ve been duped, you’re out of luck. “Virtual money can never be traced back to its originator and refunded to him,” she concluded.

Telangana’s state government is also spearheading India’s blockchain initiatives, having launched the India Blockchain Accelerator programme to support early-stage Web 2.0 and Web 3.0 firms, as well as blockchain engineers.

Rama Devi Lanka, the Telangana government’s director of emerging technologies, expressed her interest in using blockchain technology to solve real-world issues in an interview with Cointelegraph, adding:

“The Telangana government would assist in establishing the regulatory framework necessary to facilitate and support blockchain development.”

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