Data from the municipal police indicates that during the 15 months between January 2024 and March 2025, Mumbai residents lost Rs 1,127 crore to different cybercrimes. Nearly Rs 964 crore, or around 85% of the entire financial losses, came from cyber-cheating, which includes provident fund scams, cryptocurrency scams, share trading frauds, and digital arrests.
During the same time period, credit card theft caused losses of Rs 34 crore and sextortion incidents up to Rs 47 crore.
Experts called for greater bank responsibility as well as sanctions for breaking rules. They called for government-run insurance programs for monetary damages brought on by cybercrime as well as victim mental health services.
Cybercrime lawyer Prashant Mali said actual losses could be higher than what the police data reflects. “Fearing social ostracisation, not every victim would approach the police to report a cybercrime. Even in instances where victims come forward, the complaint may not be converted into an FIR,” Mali said.
An elderly woman from south Mumbai lost Rs 20 crore in a digital arrest scam in March after being held captive at home for two months on suspicion of money laundering. A pilot employed by a major airline was defrauded of Rs 3 crore earlier this month in a well orchestrated investment scheme involving a rogue trading software.
Digital arrest scams caused losses of Rs 73 crore in the first three months of this year alone, while investment scams caused losses of Rs 118 crore.
Mali said victims of cyber financial crimes are left running from pillar to post in an attempt to get their money back. “I’m handling cases where individuals have lost their life’s savings and are under severe mental trauma. There is a need for cyber crime trauma centres where such victims can seek help. The union govt should have Digital India Insurance schemes offering cover for cybercrime related financial losses,” he said.
Because money stolen from people in this country is frequently converted to cryptocurrency and transported to criminals abroad, financial cybercrimes constitute a blow to the nation’s economy. While raising public awareness is the main goal of all government-led cybersecurity programs, Ritesh Bhatia, a cybercrime investigator, contended that a strong accountability structure is lacking.
“How are mule accounts operational and why are bank accounts with suspicious transactions not getting flagged?” Bhatia said. He gave several examples of banks freezing the accounts of criminals but not releasing the victim’s money in spite of a court decision in the victim’s favor.
According to experts, the RBI should do more than just issue directives; those who violate them should face harsh consequences.
People should be cautious about offers that seem too good to be true, according to Purushottam Karad, DCP (cyber).”Promises of high returns on investment are most likely to be fake. In case one is scammed, immediately dial the helpline ‘1930′ and lodge a police complaint,” he said.
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