crypto scam

Indian police commissioner issues a public warning against crypto scam

In an event hosted by the city police of Hyderabad, India, Additional Commissioner of Police Shikha Goel warned Indian citizens about the rise in cybercrime. Advise them not to transfer cryptocurrencies to unauthorized private wallets.

Fraudsters are actively using a variety of methods to deceive investors. According to Goel, including lucrative investment opportunities, illegitimate bank transfers. And cryptocurrencies. Goel acknowledged the rise of crypto users in India, saying:

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

Moreover, after succinctly summarising the elaborate crypto scam, Goel went on to say that sixteen similar cases involving cryptocurrencies reported.

The commissioner issued the following warning to Indian crypto investors:

“If you are going to be using or investing in cryptocurrency. Please go only to the reputed and long-established players in this field.”

Goel revealed in an interview with The Hindu that 14 of the 16 crypto scam cases linked to investment and trading. In addition, typically, fraudsters persuade victims to transfer their newly acquired crypto to them in exchange for higher profits, which, according to Goel:

“Once you cheated, it a dead-end. Virtual money can never be traced back and returned to the original owner,” she concluded.

Telangana state government is at the forefront of blockchain efforts

Telangana’s state government is also at the forefront of India’s blockchain efforts. In addition, having launched the India Blockchain Accelerator program to support early-stage Web 2.0. And Web 3.0 startups as well as blockchain developers.

Moreover, Rama Devi Lanka, the Telangana government’s director of emerging technology. Also, told that she is interested in using blockchain technology to solve real-world problems, adding:

“The Telangana government will help provide the required regulatory framework to enable and promote blockchain growth.”