Goel highlighted the various methods that are actively being used by fraudsters to dupe investors such as lucrative investment opportunities, illegitimate bank transfers and cryptocurrencies. Acknowledging the growth of Indian crypto users, Goel added: “They [fraudsters] ask you to share your cryptocurrency details. And once you put it in your wallet, then the money is taken away.”
The Additional Commissioner of Police Shikha Goel warned Indian citizens about the rise in cybercrime in an event hosted by the city police of Hyderabad, India, suggesting not to transfer cryptocurrencies to unauthorized private wallets. Speaking to local news The Hindu, Goel revealed that 14 out of the 16 crypto fraud cases were directly related to investment and trading. Typically, the fraudsters convince the victims to transfer their newly purchased cryptocurrencies for higher profits, which according to Goel: “People have been cheated of 3.45 crore rupees in their greed for higher returns against investment in cryptocurrency.”