Goel highlighted various methods that fraudsters are actively using to deceive investors, such as lucrative investment opportunities, illegal bank transfers and cryptocurrencies. Goel acknowledged the growth of crypto users in India and added:

“them [fraudsters] You are asked to share your cryptocurrency details. Once you put it in your wallet, the money will be taken away. “

After simplifying the elaborate fraud in one sentence, Goel also emphasized that 16 such cases involving cryptocurrencies have been registered.

At an event organized by the police in Hyderabad, India, the Commissioner of Police Shikha Goel warned Indian citizens about the increase in cybercrime and advised against transferring cryptocurrencies to unauthorized private wallets.

Don’t transfer your cryptocurrency to an unauthorized private wallet
Don’t be the victim of a liar #BeCyber??Smart pic.twitter.com/eJOwsnLSmX

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

As a fair warning to Indian cryptocurrency investors, the commissioner said:

“If you plan to use or invest in cryptocurrency, please only choose well-known and long-established participants in the field.”

In an interview with local news The India, Goel revealed that 14 of the 16 crypto fraud cases were directly related to investments and transactions. Usually, fraudsters persuade victims to transfer their newly purchased cryptocurrency to obtain higher profits. According to Goel:

“People were defrauded of 3.45 crore rupees (approximately US$458,000) for their greed for higher returns on cryptocurrency investments.”

Call 155260 to report financial online fraud, such as OTP, UPI, or any other cybercrime where you lose money
Yes, do not delay notification
If you inform us in time on this hotline, there is a high chance of getting the amount back #BeCyber??Smart pic.twitter.com/HgXF34h2ko

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

“Once you are scammed, it is a dead end. Virtual currency can never be traced back and returned to the original owner,” she concluded.

related: Indian state government recognizes Web 2.0 and Web 3.0 blockchain startups

The Telangana state government also led the blockchain work in India because it launched the Indian blockchain accelerator program to cultivate early Web 2.0 and Web 3.0 startups and blockchain developers.

In an interview with Cointelegraph, Rama Devi Lanka, Head of Emerging Technologies for Telangana Government, shared her interest in using blockchain technology to solve real-world problems and added:

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