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The Indian Police Commissioner Releases Public Warning against illegitimate digital asset frauds and crime

By Jamie – Crypto Expert - 27/12/2021

India’s Police Shikha Goel cautions Indian residents about scammers various approaches and methods and warns against transferring crypto assets to unknown private wallets.

As part of this announcement and protection to its citizens, it was presented that 14 of the 16 crypto fraud incidents, according to Shikha, were related to bitcoin investments and cryptocurrency trading.

Addl. Commissioner Shikha Goel, speaking on behalf of the Hyderabad city police, warned Indian residents about the different tactics that fraudsters employ to defraud large bitcoin purchases; illegal bank transfers, irrational investment possibilities and digital assets are among them.

They [fraudsters] ask for your Bitcoin information and the money is taken away after you put it in your wallet. At the same time, Goel advised against moving cryptocurrencies to unlawful private wallets in an event organised by the city police of Hyderabad, India.

Goel said in an interview with The Hindu that 14 of the 16 crypto fraud instances are linked to investing and trade. According to Goel, the scam artists persuade their victims to transfer their freshly acquired cryptos for a bigger profit.

"People have been robbed of 3.45 crore rupees (approximately $458,000) in their thirst for bigger returns on cryptocurrency investment," Goel said in addition to the interview.

Telangana's state government developed the India Blockchain Accelerator program to support early-stage Web 2.0 and Web 3.0 firms, as well as blockchain engineers. As a result, India's blockchain is being accelerated and interest in crypto buying platforms continue to gather momentum.

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