New Delhi: India has incurred a staggering Rs 11,333 crore in losses due to cyber fraud in the first nine months of 2024, according to data from the Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs (MHA).
Stock trading scams topped the list, with 228,094 complaints resulting in losses of Rs 4,636 crore. Investment frauds followed closely, causing a total of Rs 3,216 crore in losses from 100,360 complaints. “Digital arrest” scams, which continue to rise, led to damages of Rs 1,616 crore across 63,481 cases, as reported by The Indian Express.
The Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) also revealed a sharp increase in cyber fraud cases, with nearly 12 lakh complaints registered in 2024 alone. Alarmingly, 45% of these frauds were traced to Southeast Asian countries, including Cambodia, Myanmar, and Laos.
Since its launch in 2021, the CFCFRMS has recorded 3.005 million complaints, resulting in cumulative losses of Rs 27,914 crore. The system showed a rise in complaints each year, with 1.13 million cases in 2023, 514,741 in 2022, and 135,242 in 2021.
In response to growing concerns over digital fraud, Prime Minister Narendra Modi addressed the issue during the 115th episode of his Mann Ki Baat radio programme. He specifically warned against “digital arrest” scams, clarifying that no government agency conducts investigations via phone or video calls. “There is no system like digital arrest under the law,” he emphasized, urging citizens to remain vigilant and report any suspicious activities.
