Bhopal (Madhya Pradesh): The state police headquarters (PHQ) is all set to adopt new software to keep a tab on the crypto-currency transactions taking place across the state.
The senior officials of the state cyber cell said that they had written to the PHQ earlier, suggesting the need to adopt new software to monitor the crypto-currency transactions.
The decision on the same was taken and software is likely to become operational next month, said officials. They said the move is a preventive kind of approach, as cases of numerous cyber fraudsters converting the siphoned off money to crypto currencies are being reported at the MP state cyber crime cell.
The senior officials of the district cyber crime cell told Free Press that recently, unidentified crypto fraudsters had converted a sum of Rs 1.8 crores into crypto-currencies, and had sent it to the bank accounts in Thailand and the United States of America (USA).
Sharing modus operandi being adopted by cyber fraudsters, the officials said that the online crooks are duping people of money through Chinese loan applications, and transferring the money to bank accounts in Thailand, Philippines and the US, owing to which, identifying and apprehending the fraudsters is an arduous and impossible task.
Superintendent of police (SP) of state cyber crime cell, Vaibhav Shrivastava said with the software, once it becomes operational, it will be able to identify suspicious transactions involving crypto blockchains. Furthermore, it will also provide information regarding the vendor and real-time details of the transactions made.
Other sources at the state cyber wing also claimed that the software will also be able to detect the exchange where the crypto-currencies are being transferred to or being deposited.
Further in their statements, they said that third-party Chinese loan applications are facilitating the convenience of the cyber fraudsters in making away with peoples’ money, and also providing them access to peoples’ private data.
They said that such third-party applications are downloaded on the device in the APK format, and when they are being installed, a warning shows up too, which apprises the user that his entire data will be accessible to the operator of the application.
People, however, choose to ignore the warning and give tacit approval to the fraudster to access their data such as contacts, gallery photos, videos and bank details.
