Crypto Fraud: IIT Kanpur Tool HOP To Help Uttar Pradesh Police In Detection Of Cases

"The tool is cheaper than any foreign equipment," said IIT-K professor Sandeep Shukla.

Crypto scams are slowly becoming a matter of grave concern for investors and regulators alike. ( Image Source :Getty )

Kanpur: The Indian Institute of Technology, Kanpur (IIT-K), will provide an indigenously designed tool to help the Uttar Pradesh police in detection and cracking of cases of fraud through cryptocurrency transactions.

Professor Sandeep Shukla from IIT-Kanpur, said that the tool developed by IIT, known as HOP, can analyse cryptocurrency transactions.

"The tool is cheaper than any foreign equipment. By September, our tool will be ready to serve the UP police and help in investigations in cases of cryptocurrency fraud," said Shukla.

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ADG, Cybercrime, Subhash Chandra, emphasised on the need for cybercrime awareness programmes and capacity-building for police departments to prepare to counter the menace.

"We have taken action against 37,000 accounts, banks and cards, and also recovered Rs 9.5 crore in a year," said Chandra.

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SP, Cybercrime, Triveni Singh said that the specific programme is an initiative of MHA and Uttar Pradesh Police and the first such event to spread cyber safety awareness and capacity-building for police departments.

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He said that basic skills and methodologies are required for investigation of VOIP-based calls that have become prevalent in extortion cases.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)