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Indian Police Chief: Being scammed is a dead end, cryptocurrencies are untraceable forever

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Indian Police Chief: Being scammed is a dead end, cryptocurrencies are untraceable forever

Indian Police Commissioner Shikha Goel has issued a warning to the people of India, stating that due to the increasing prevalence of scam syndicates from China and Nigeria, the rate of cybercrimes related to cryptocurrency has risen. The Hyderabad police recently cracked down on up to 16 cases and advised the public not to transfer cryptocurrency to unauthorized private wallets, as "once deceived, it's a dead end. Cryptocurrency is untraceable and cannot be returned to the original holder."

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Shikha Goel emphasized that fraudsters are going to great lengths to deceive investors, as the number of cryptocurrency users in India is rapidly increasing. She said, "Scammers ask you to share details of your cryptocurrency. Once you put it in your wallet, the money will be taken away."

She recommended that if you plan to use or invest in cryptocurrency, you should choose well-known and reputable exchanges in the field.

During an interview with The Hindu, Shikha Goel pointed out that from these 16 cryptocurrency fraud cases, it can be seen that scammers convince victims to transfer their newly purchased cryptocurrencies to get higher profits:

People were cheated of 34.5 million rupees (approximately $458,000) in hopes of getting higher returns from cryptocurrency investments.

Shikha Goel mentioned that the modus operandi of fraud is mostly through WhatsApp calls or messages to victims. Fraud groups would suggest investing in cryptocurrencies to get huge returns. "They send victims a link to a website or application and explain how to buy cryptocurrencies. After a successful purchase, scammers ask them to transfer it to their private wallets for higher returns."

This article is authorized for reprint from Horizon Next Sumari News Network