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Indian Police Commissioner Warns Against Crypto Frauds

Shikha Goel Market News
  • Police Shikha Goel warns Indian citizens about several methods used by fraudsters.
  • She advised Indians not to transfer their crypto to unauthorized private wallets.
  • Shikha revealed that 14 out of the 16 crypto scam cases are connected to investment and trading.

On behalf of the Hyderabad city police, Addl. Commissioner Shikha Goel warned Indian citizens about the various methods that are actively used by fraudsters to dupe investors. These include illegitimate bank transfers, lucrative investment opportunities, and cryptocurrency.

They [fraudsters] ask you to share your cryptocurrency details. And once you put it in your wallet, then the money is taken away.

At the same time, Goel addressed the rise in cybercrime in an event hosted by the city police of Hyderabad, India, she warned against transferring cryptocurrency to unauthorized private wallets.

In an interview with The Hindu, Goel revealed that 14 out of the 16 crypto scam cases are connected to investment and trading. According to Goel, the fraudsters convince targets to transfer their newly purchased cryptos for higher earnings.

In addition to the interview, Goel added, “People have been cheated of 3.45 crore rupees (roughly $458,000) in their greed for higher returns against investment in cryptocurrency.”

Furthermore, the state government of Telangana launched an India Blockchain Accelerator program to foster early-stage Web 2.0 and Web 3.0 startups and blockchain, developers. Hence, accelerating India’s blockchain.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.