Goel highlighted the various methods that scammers are actively using to mislead investors, such as lucrative investment opportunities, illegitimate wire transfers, and cryptocurrencies. Recognizing the growth of Indian crypto users, Goel added:
"They [fraudsters] ask you to share the details of your cryptocurrency. And once you put it in your wallet, they will take your money. "
After simplifying the elaborate fraud into one sentence, Goel also noted that there have been sixteen such cases involving cryptocurrencies.
Additional Police Commissioner Shikha Goel warned Indian citizens about the rise in cybercrime at an event organized by the Hyderabad City Police, India, and suggested not to transfer cryptocurrencies to unauthorized private wallets.
Do not transfer your cryptocurrency to unauthorized private wallets
Don't fall prey to scammers #BeCyberSmart pic.twitter.com/eJOwsnLSmX- Shikha Goel, IPS (@AddlCPCrimesHyd) December 26, 2021
As a fair warning to Indian crypto investors, the commissioner said:
"If you are going to use or invest in cryptocurrencies, please only target reputable and established players in this field."
Speaking to local news The Hindu, Goel revealed that 14 of the 16 crypto fraud cases were directly related to investing and trading. Typically, scammers convince victims to transfer their newly purchased cryptocurrencies for higher profits, which according to Goel:
"People have been duped out of 3.45 crore (approximately $ 458,000) in their greed for higher returns against investing in cryptocurrencies."
DIAL 155260 to report financial cyber fraud like OTP, UPI or any other cyber crime where you have lost money
And if you do not delay in informing
If you inform us on time in this help line, the chances of recovering the amount are high. #BeCyberSmart pic.twitter.com/HgXF34h2ko- Shikha Goel, IPS (@AddlCPCrimesHyd) December 26, 2021
โOnce you are fooled, it is a dead end. Virtual money can never be traced and returned to the original owner, "he concluded.
Related: Indian state government to accredit Web 2.0 and Web 3.0 blockchain startups
The Telangana state government is also leading India's blockchain efforts as it launches the India Blockchain Accelerator program to encourage Web 2.0 and Web 3.0 blockchain startups and developers in initial stage.
Speaking to Cointelegraph, Rama Devi Lanka, director of emerging technology for the Telangana government, shared her interest in using blockchain technology to solve real-world problems, adding:
"The Telangana government will help provide the necessary regulatory framework to enable and promote the growth of blockchain."
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