Premium

Rs 11,333 crore lost in just 9 months: A look at the cyber scams that have hit India the worst

Data compiled by the Indian Cyber Crime Coordination Centre (I4C) shows nearly half of the 12 lakh cyber fraud complaints received in 2024 were perpetrated by fraudsters based in Southeast Asian countries — Cambodia, Myanmar, and Laos.

The Santacruz police registered a cyber fraud case under relevant sections of the Bharatiya Nyaya Sanhita and Information Technology Act and are trying to trace the accused, said a police officer. (Representational Image)

India lost approximately Rs 11,333 crore to cyber fraud in the first nine months of 2024, according to data compiled by the Indian Cyber Crime Coordination Centre (I4C), a division of the Ministry of Home Affairs (MHA).

Stock trading scams accounted for the largest share, with losses of Rs 4,636 crore from 2,28,094 complaints. Investment-based scams caused losses of Rs 3,216 crore from 1,00,360 complaints, while Rs 1,616 crore was lost to “digital arrest” frauds across 63,481 complaints.

Data from the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS), as seen by The Indian Express, showed nearly 12 lakh cyber fraud complaints were received in 2024, with 45% of these originating from Southeast Asian countries—Cambodia, Myanmar, and Laos. Since 2021, the CFCFRMS has recorded 30.05 lakh complaints, leading to losses amounting to ₹27,914 crore. Of these, 11,31,221 complaints were registered in 2023, 5,14,741 in 2022, and 1,35,242 in 2021.

Story continues below this ad

Prime Minister Narendra Modi recently cautioned citizens about “digital arrest” frauds during the 115th edition of his ‘Mann Ki Baat’ radio program. Stressing that no government agency contacts individuals via phone or video calls for investigations, Modi urged the public to remain alert. “There is no system like digital arrest under the law,” he said, emphasising the importance of awareness to combat such scams.

Express View | ‘Digital arrest’ fraud: Prompt action needed

An analysis of cyber frauds this year revealed that stolen money is often withdrawn using cheques, central bank digital currency (CBDC), fintech crypto, ATMs, merchant payments, and e-wallets. Over the past year, the I4C has frozen around 4.5 lakh mule bank accounts, typically used to launder the proceeds of cybercrime.

At a recent anti-terror conference, the I4C flagged challenges faced by investigators in cyber fraud cases, including the anonymity of digital wallets, foreign money exchanges, lack of KYC protocols, VPN access, and cryptocurrency frauds originating from abroad. In collaboration with the telecom ministry, the I4C has also blocked 17,000 WhatsApp accounts linked to cybercriminals operating out of Southeast Asia, as part of efforts to disrupt offshore criminal networks and strengthen India’s digital security.

Mahender Singh Manral

Mahender Singh Manral is an Assistant Editor with the national bureau of The Indian Express. He is known for his impactful and breaking stories. He covers the Ministry of Home Affairs, Investigative Agencies, National Investigative Agency, Central Bureau of Investigation, Law Enforcement Agencies, Paramilitary Forces, and internal security. Prior to this, Manral had extensively reported on city-based crime stories along with that he also covered the anti-corruption branch of the Delhi government for a decade. He is known for his knack for News and a detailed understanding of stories. He also worked with Mail Today as a senior correspondent for eleven months. He has also worked with The Pioneer for two years where he was exclusively covering crime beat. During his initial days of the career he also worked with The Statesman newspaper in the national capital, where he was entrusted with beats like crime, education, and the Delhi Jal Board. A graduate in Mass Communication, Manral is always in search of stories that impact lives. ... Read More

Stay updated with the latest - Click here to follow us on Instagram