SP Warns Public Against Rising Crypto Scams, Urges Caution

Mahabubnagar: District Superintendent of Police (SP) Janaki has issued a public advisory, warning citizens about the increasing number of scams under the guise of cryptocurrency investments. In an official statement, she highlighted various fraudulent schemes being used to deceive people, including pyramid schemes, fake exchanges, phishing frauds, and misleading Initial Coin Offerings (ICOs).

To ensure public safety, SP Janaki advised citizens to trade only on reputed and verified cryptocurrency exchanges, as per the recommendations of the Telangana Cyber Security Bureau. She cautioned that engaging in transactions on unregistered or unknown platforms could lead to financial fraud.

As part of her awareness message, SP Janaki provided key guidelines to help people identify and avoid crypto scams. She emphasized that legitimate investments never guarantee assured high returns, and citizens should be wary of unsolicited investment offers from unknown individuals. Fraudulent platforms often disappear after collecting deposits, and scammers lure investors by offering commissions for bringing in new members.

She also warned that if any organization asks for private keys or wallet details, it should be considered a scam. To prevent financial losses, investors must verify the authenticity of trading platforms before making transactions.

SP Janaki urged the public to follow essential security measures such as enabling Two-Factor Authentication (2FA) and using hardware wallets for safe transactions. She also advised investors to carefully review project details, whitepapers, and team credentials before making any investment.

In case of suspicion or fraud, she encouraged victims to report immediately via the 1930 helpline or visit cybercrime.gov.in for assistance.