Indian police commissioner issues a public warning against crypto frauds

Goel pointed out the many methods fraudsters use to con investors, including lucrative investment opportunities and illegal bank transfers. Goel acknowledged the rise of Indian crypto users and added:

“They [fraudsters] will ask you to share your cryptocurrency information. The money is then taken from your wallet once it has been put in.”

Goel simplified the complex fraud into a single sentence and also pointed out that 16 cases were registered with cryptocurrencies.

In Hyderabad, India, the Additional Commissioner of Police Shikha Goel warned Indian citizens of the increase in cybercrime at an event hosted by Hyderabad’s city police. She advised them not to transfer cryptocurrency to unauthorised private wallets.

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

The commissioner gave a fair warning for Indian crypto investors by saying:

“If you plan to use or invest in cryptocurrency, please only go to the most reputable and established players in this field.”

Goel told The Hindu that 14 of 16 cases of crypto fraud were directly connected to trading and investment. The fraudsters typically convince victims to transfer their newly acquired cryptocurrencies to make higher profits.

“People have been cheated of 3.45 crore rupees (roughly $458,000) in their greed for higher returns against investment in cryptocurrency.”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 (@AddlCPCrimesHyd) December 26, 2021

It is impossible to recover your money if you are cheated. She concluded that virtual money cannot be traced back to its original owner and returned to them.

Related: Indian state government will accredit Web 2.0 & Web 3.0 Blockchain startups

Telangana’s state government is also leading India’s blockchain efforts. It launched the India Blockchain Accelerator program, which fosters early-stage Web 2.0 startups and developers.

Cointelegraph spoke with Rama Devi Lanka, the director of emerging technology at Telangana’s government. She expressed her desire to use blockchain technology to solve real-world problems.

“The Telangana government is committed to providing the regulatory framework necessary for blockchain growth.”

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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