The Indian PC issued a public warning on crypto frauds on behalf of the Hyderabad City Police, who asked citizens to invest in crypto only through reputed platforms in the field. Let’s read more in today’s crypto news.
Indian PC Shikha Goel outlined the various methods that are being used by fraudsters to dupe the investors like lucrative investment opportunities, illegitimate bank transfers, and crypto and added:
“They [fraudsters] ask you to share your cryptocurrency details. And once you put it in your wallet, then the money is taken away.”
After simplifying the elaborate fraud in one sentence, Goel noted that sixteen of these cases have been registered involving crypto. The additional commissioner of Police warned Indian citizens about a rise in cybercrime in an event hosted by the city police of Huderbad suggesting not to transfer crypto to unauthorized private wallets. As a warning, the commissioner said:
“If you are going to be using or investing in cryptocurrency, please go only to the reputed and long-established players in this field.”
Speaking to the local news, Goel revealed that about 14 of 16 crypto fraud cases were related to investment and trading. The fraudsters convince the victims to transfer their newly purchased crypto for more profits:
“People have been cheated of 3.45 crore rupees (roughly $458,000) in their greed for higher returns against investment in cryptocurrency.”
Once you lose money and get cheated, it is a dead-end. Virtual money is not able to be traced back and returned to the original owner she said. The state government of Telangana also leads India’s blockchain efforts as it launches the India Blockchain Accelerator program to foster Web 2.0 and web 3.0 startups and blockchain, developers. Rama Devi Lanka, Telangana’s governemnt director shared her interest to use blockchain for solving real-world issues:
“The Telangana government will help provide the required regulatory framework to enable and promote blockchain growth.”
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