Indian police commissioner warns crypto investors
Indian Commissioner Shikha Goel explained many types of active criminal activities associated with the Crypto and warned people to remain away from such kind of attractive money-making schemes and only Invest with genuine platforms.
Adoption of the crypto industry is surging as the best alternative to the stock market because of the highly diversified reach of the crypto market globally. The adoption of crypto is reaching almost every type of community, whether they are good actors or bad actors. Almost every developed and developing country is facing problems because of the involvement of bad actors in the crypto industry.
In India crypto is still under the grey zone and the financial regulators and lawmakers are working to bring a bill on the crypto industry. Under the lack of a regulatory framework, bad actors are much active in India. Recent records showed that crypto-related crimes are surging.
On behalf of the Hyderabad City Police, Addl. Commissioner Shikha Goel noted the increasing crypto crimes in India.
Goel said that many bad actors are using tricks to scam people like attractive returns on crypto Investment or illegitimate bank transfers against the rules. Goel said:
“They (bad actors) ask you to share your cryptocurrency details. And once you put it in your wallet, then the money is taken away.”
After the explanation of the possible scams by the bad actors associated with cryptocurrencies, the Commissioner noted that more than 16 such cases have been registered, which are fully associated with crypto crimes.
Through the hosted event, the Police commissioner warned and suggested the Indian citizens to remain away from any kind of illicit activities, especially crypto-related. And also suggested not to transfer any digital assets to any of the unauthorized private wallets.
Through the warning, Goel said:
“If you are going to be using or investing in cryptocurrency, please go only to the reputed and long-established players in this field.”
Talking about such frauds with the Local news media The Hindu, Commissioner said that 14 out of 16 cases were associated with the high return schemes and trading. She added:
“People have been cheated of 3.45 crore rupees (roughly $458,000) in their greed for higher returns against cryptocurrency investment.”
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