India Police Commissioner Shikha Goel has asked citizens to be cautious when handling their crypto assets

While the legality of cryptocurrency in India is a gray area, fraudsters have been taking advantage of unsuspecting investors. Shikha Goel, Hyderabad City Police’s Additional Commissar, warned against crypto fraud in light of the increasing number of reported cases. Indian citizens who want to invest in cryptocurrency should only do so through trusted platforms.

” If you plan to use or invest in cryptocurrency, please only go to the most reputable and well-respected players.” she advised.

Greed is a driving force behind crypto crime

Earlier this month, The Times of India reported that cases of crypto cheating had shot up from 2 last year to 54 between January and November this year. The news outlet detailed that the cyber police department had registered three cases against 11 people in the last two weeks of November.

The suspects use different methods to steal from their victims. According to Bhagyashri Navatake, Cyber Police deputy commissioner, these include attractive cryptocurrency investment opportunities, fake exchange websites and fake credentials. She stated that there is no legal framework to regulate the adoption and use of cryptocurrency in the country. This should be enough reason for people not to invest in crypto.

Navatake stated that criminals preyed on victims’ desire to make a quick buck through cryptocurrencies. Another high ranking police officer in the department charged victims with investing in cryptocurrency despite knowing that they were not regulated.

Speaking during an event held by the Hyderabad City Police, Goel addressed the subject of crypto crime which she noted was on the rise. Like Navatake Goel also attributed the rise in fraud to greed and a lack of awareness among crypto users.

Due to the decentralised nature cryptocurrencies, it is difficult to trace them

The police commissioner observed that fraudsters trick victims into sending crypto assets to them, promising large profits.

” They [cyber criminals] will ask you for your cryptocurrency details. Goel stated that once the money has been put in your wallet, it is removed.

She shared a tweet asking investors to cease transferring their assets into unverified wallets to avoid being duped. Goel explained that stolen assets are difficult to recover due to their inherent nature. This can lead to dead ends.

Speaking in an interview with The Hindu, Goel stated that only 2 of reported crypto fraud incidents were outside the investment purview. Further, the Additional Commissioner of Police (Crimes and SIT), Goel stated that only 2 of reported crypto fraud incidents were outside the investment purview. 45 crore Ruper (the equivalent of $460,000) to crypto fraudsters. She encouraged citizens to report cyber fraud cases via her Twitter account so that authorities could quickly act.