Mumbai: Indians lost Rs 11,333 crore to cyber fraud in the first nine months of 2024, according to the data compiled by the Indian Cyber Crime Coordination Centre (I4C) and nearly half of the 12 lakh cyber fraud complaints received in 2024 were perpetrated by fraudsters based in south-east Asian countries – Cambodia, Myanmar and Laos – with 4.5 lakh mule bank accounts used to launder the proceeds of cybercrime.
Stock-trading scams topped the list of financial frauds – Rs 4,636 crore lost in all by 2,28,094 complainants; investment-based scams amounting to Rs 3,216 crore with 1,00,360 complaints and Rs 1,616 crore lost to ‘digital arrest frauds, with 63,481 complaints.
I4C Flags Challenges Faced By Investigators In Cyber Fraud Cases
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. Data from the Central financial cybercrime registry – Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) – recordeded nearly 12 lakh cyber fraud complaints in 2024, with 45 per cent of these originating from Cambodia, Myanmar and Laos.
The CFCFRMS has recorded 30.05 lakh complaints since 2021, resulting in losses amounting to Rs27,914 crore. The I4C has also blocked 17,000 WhatsApp accounts linked to cybercriminals operating out of south-east Asia, as part of efforts to disrupt offshore criminal networks and strengthen India’s digital security.