Hyderabad Police Asks Crypto Investors – ‘Beware’!

Shikha Goel, Additional Commissioner of Police, Crime and SIT in Hyderabad has alerted the crypto investors of India. He said that investors should not transfer their assets in unknown and unauthorized wallets. He said in an awareness program that according to the research of Statista, there are 74 crore internet users in India and cybercrime is increasing continuously here. According to research, there are 100 million crypto investors in India. Goyal also said that the crypto segment is expanding rapidly in the country. This has also caught the attention of cybercriminals who target people associated with the industry.

He said, “Cybercriminals ask you to give details of cryptocurrency and as soon as you transfer digital money to the wallet, they take it out. Deal with that.”

He shared this advice by posting a video on his Twitter handle. Earlier this month, there were several reports that suggested Chinese and Nigerian scammers are targeting crypto investors in India.

Goyal reportedly said that there have been recent fraud cases against 16 crypto investors in which they lost a total of Rs 3.45 crore. “People are losing their crores in the greed of getting more by investing in cryptocurrencies,” he said. Goyal said that the virtual currency once lost cannot be brought back to its original owner.

In early December, the Telangana government signed deals with crypto exchange CoinSwitch Kuber and innovation management firm Lomos Labs. The deal was made to run a blockchain accelerator program. Entrepreneurs who want to enter the blockchain segment can access opportunities, mentorship, tech support and funding through this program.

There is a debate going on in India as to what regulations should be imposed on cryptocurrencies. The government has raised concerns about cryptocurrencies. The government says that the use of cryptocurrencies can also lead to fraud and money laundering of investors.

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