Cops sound alarm on crypto frauds

The police said cyber fraudsters exploit unsuspecting individuals by converting criminal proceeds – whether from Indian rupees to crypto or vice versa – under the guise of legitimate trading activities.

Hyderabad: The Cyberabad Police cautioned the public against falling prey to crypto frauds and asked them to avoid messages through unknown sources about trading.

The police said cyber fraudsters exploit unsuspecting individuals by converting criminal proceeds – whether from Indian rupees to crypto or vice versa – under the guise of legitimate trading activities.

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Individuals eager to profit from peer to peer crypto trading often remain unaware that they are inadvertently handling illicit funds.

Consequently, individuals file complaints through the 1930 helpline or cybercrime reporting portal, their transactions become flagged, leading to the freezing of their bank accounts, the police officials explain.

Currency trading The police asked people to ignore messages regarding part-time job offers or online trading, refrain from engaging with messages or calls concerning crypto currency trading and abstain from participating in peer to peer (P2P) crypto trading.