Indian policeman discusses crypto crime, warns against using unauthorized private wallets

Crypto-crime and cybercrime are on the rise. It’s undeniable. Various methods, such as lucrative investment opportunities, illegitimate bank transfers, and cryptocurrencies, are used by fraudsters to trick unpretentious investors.

Well, the desire to get rich overnight through cryptocurrency investments often makes investors vulnerable to frauds or scams. Criminals are therefore obliged to take advantage of it.

Breaking the “new fashion”

Hyderabad City Police Additional Commissioner, Shikha goel spoke at an event organized by the Hyderabad City Police. The topic was “The Rise of Cybercrime” and cryptocurrency was part of the discussion.

Do not transfer your cryptocurrency to unauthorized private wallets
Don’t fall prey to fraudsters #BeCyberSmart pic.twitter.com/eJOwsnLSmX

– Shikha Goel, IPS (@AddlCPCrimesHyd) December 26, 2021

Investors’ lack of knowledge, greed, and the allure of getting rich quick easily lead them into the net of crypto cheaters.

“They [fraudsters] ask you to share your cryptocurrency details. And once you put it in your wallet, the money is gone.

Fraud on the rise

In total, sixteen such cases have been recorded involving cryptocurrencies, she added. Of these, 14 were related to investment and trade. According to his analysis,

“People have been deceived by 3.45 crore rupees (approximately $ 458,000) in their greed for higher returns compared to investing in cryptocurrency.”

Typically, fraudsters convince victims to transfer their newly purchased cryptocurrencies for higher profits. Goel warned crypto buyers not to transfer their virtual currency to other private wallets. Because it could lead to huge losses.

“Once you’ve been cheated on, it’s a dead end. Virtual money can never be traced and returned to the original owner, ”she said.

Well, that’s true given the decentralized nature of these digital assets. As a warning to Indian cryptocurrency investors, the Commissioner said: “If you are considering using or investing in cryptocurrency, please only reach out to reputable and long-established players in this field. . “

Even in the past, the said authority had issued similar warnings to alert Indian users. Nonetheless, as a precaution, she tweeted:

DIAL 155260 to report a financial cyber fraud like OTP, UPI or any other cybercrime for which you have lost money
And yes do not delay in informing
If you inform us in time on this helpline, the chances of recovering the amount are high #BeCyberSmart pic.twitter.com/HgXF34h2ko

– Shikha Goel, IPS (@AddlCPCrimesHyd) December 26, 2021

People across the world have suffered similar fates. This has emerged as the most damaging downside for cryptocurrencies. That said, cryptocurrencies, rather blockchain technology, as a whole, have been recognized for their countless uses.

Returning to the crypto scene in India, the Telangana state government has collaborated with crypto unicorn CoinSwitch Kuber. It aims to support and equip innovative deep-tech blockchain start-ups with expert advice and government accreditation.