Indian Police Commissioner warns of crypto fraud by CoinQuore

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© Reuters. Indian police commissioner warns of crypto fraud

  • Shikha Goel police warn Indian citizens of several methods used by fraudsters.
  • She advised Indians not to transfer their cryptocurrencies to unauthorized private wallets.
  • Shikha found that 14 out of 16 cases of crypto fraud are related to investing and trading.

On behalf of the Hyderabad City Police, Addl. Commissioner Shikha Goel warned Indian citizens about the various methods that fraudsters are actively using to defraud investors. These include illegitimate bank transfers, lucrative investment opportunities and cryptocurrencies.

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

At the same time, Goel commented on the rise in cybercrime at an event organized by Hyderabad city police in India, warning of the transfer of cryptocurrency to unauthorized private wallets.

In an interview with The Hindu, Goel revealed that 14 out of 16 cases of crypto fraud are related to investing and trading. According to Goel, fraudsters persuade targets to transfer their newly acquired cryptocurrencies for higher profits.

In an interview, Goel added: “People have been deceived by 3.45 million rupees (approximately $ 458,000) in their greed for a higher return compared to investing in cryptocurrencies.”

Furthermore, the state government of Telangana has launched the Indian Blockchain Accelerator program to encourage web 2.0 and Web 3.0 startups and blockchain developers at an early stage. So, the acceleration of the Indian blockchain.

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