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 a variety of ways to deceive investors, according to Goel, including attractive investment offerings, illicit bank transactions, and cryptocurrency. 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 goes away.”
After succinctly summarizing the complex deception, Goel goes on to say that sixteen similar cases involving cryptocurrency is in file.
“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 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.”
So, Goel says in an interview with The Hindu that 14 of the 16 crypto fraud instances are in investment and trade.
Also, Typically, scammers persuade victims to transfer their freshly acquired bitcoins to them in exchange. Of course, for increased returns, which, according to Goel:
“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
“Once you lose money , it is a dead-end. So, Virtual money can never be traced back and returned to the original owner,”
Then, he concludes.