thecoinrise.com
In an event sponsored by the city police of Hyderabad, India, Additional Commissioner of Police Shikha Goel warned Indian citizens about the surge in cybercrime, advising them not to move cryptocurrency to unapproved private wallets.
Fraudsters are aggressively using multiple ways to deceive investors, according to Goel, including attractive investment offerings, illicit bank transactions, and cryptocurrency. “They [fraudsters] ask you to provide your cryptocurrency details,” Goel remarked, acknowledging the growing number of Indian crypto users. And the money is taken away once you put it in your wallet.”
After briefly summarising the complex fraud, Goel went on to say that sixteen similar cases involving cryptocurrency have been reported.
Do not transfer your cryptocurrency to unauthorised private wallets
Dont fall prey to fraudsters #BeCyberSmart pic.twitter.com/eJOwsnLSmX— Shikha Goel, IPS (@Shikhagoel_IPS) December 26, 2021
“If you are going to use or invest in cryptocurrencies, please go only to the renowned and long-established companies in this industry,” the commissioner advised Indian crypto traders.
India should be aware that digital money cannot be traced
Goel said in an interview with The Hindu that 14 of the 16 crypto fraud instances in India were linked to investment and trade. Typically, fraudsters persuade victims to move their freshly acquired cryptocurrencies for larger earnings, which, according to Goel, has resulted in “people being scammed of 3.45 crore rupees (approximately $458,000) in their thirst for higher returns against bitcoin investment.”
“Once you’ve been fooled, it’s a dead end. Virtual money can never be traced back to its original owner,” she concluded.
Before this, the monetary authority, the Reserve Bank of India (RBI), had also warned the citizens regarding digital fraud and underlying risks associated with digital assets.
The government of Telangana, a state in India, is also at the forefront of India’s blockchain activities, having launched the India Blockchain Accelerator program to support early-stage Web 2.0 and Web 3.0 startups as well as blockchain developers. The Indian parliament’s winter season has been concluded with no crypto law, leaving investors in suspense till the Budget session comes back in March next year. As TheCoinRise reported, the cabinet documents do not contain crypto banning.