Mumbai Police Recovers Rs 4.65 Crore in 4 Hours from SIM Swap Scam

Mumbai, 25th December 2024: Mumbai Police’s cyber cell successfully recovered ₹4.65 crore within just four hours from a ₹7.50 crore scam involving SIM swap fraud. The alert business owner, whose private company was targeted, immediately contacted the cyber helpline on December 23. Within hours, the police managed to trace and recover a significant portion of the stolen amount, with efforts ongoing to recover the remaining funds.

DCP Datta Nalawade clarified the SIM swap fraud method, stating that criminals illegally take control of a victim’s SIM card, which allows them to access bank accounts linked to it. This enables the fraudsters to transfer large sums of money.

The scam took place in Kandivali, Mumbai, where the perpetrators used the compromised SIM to gain unauthorized access to a private company’s bank account, transferring ₹7.50 crore to various accounts. The victim became aware of the transactions through email notifications and promptly reported the issue to the Cyber Helpline.

PSI Mangesh Bhoir detailed how SIM swap fraud is carried out and provided tips for public protection. Fraudsters typically use social engineering tactics on platforms like social media to gather personal and financial information. They may also use phishing links or malware to collect sensitive data.

Once the information is obtained, fraudsters request mobile companies to block the original SIM card and activate a new one using a fake identity. When the fraudsters receive the OTP (One-Time Password) for transactions, they can steal funds by redirecting the money to various bank accounts.

The police urge citizens to adopt preventive measures, including enabling email alerts for all bank accounts in addition to SMS notifications. In the event of an unexpected closure of a SIM card linked to a bank account, the bank should be immediately notified to disconnect the account. Additionally, since SIM swapping often occurs during public holidays when contacting mobile carriers and banks may be challenging, quick action should be taken by reaching out to customer service.

Further, individuals are advised to activate Two-Factor Authentication (2FA) on social media accounts and change internet/mobile backup passwords regularly to safeguard their accounts.