Mumbaikars Lose Over Rs 1,100 Crore to Cybercrimes in 15 Months, Experts Call for Tougher Regulations

Mumbai, 30th July 2025: Mumbai witnessed a staggering financial loss of ₹1,127 crore to cybercrimes between January 2024 and March 2025, according to data released by city police. A significant portion of these losses, nearly ₹964 crore or 85%, stemmed from various cyber-cheating schemes, including fake share trading platforms, digital arrest rackets, cryptocurrency frauds, and provident fund scams.

Other major cyber threats included sextortion cases, accounting for ₹47 crore in losses, and credit card frauds, which cost victims ₹34 crore during the same period.

Experts have voiced serious concerns, urging regulatory authorities and banks to be held more accountable. Cybercrime lawyer Prashant Mali warned that the actual figures could be far higher as many victims hesitate to report incidents due to stigma or lack of confidence in the system. “Even when complaints are lodged, many don’t get registered as FIRs,” he added.

Notable cases include a senior citizen from south Mumbai who lost ₹20 crore in a digital arrest fraud and a commercial airline pilot duped of ₹3 crore through a fake investment scheme involving a malicious trading app. In just the first quarter of 2025, digital arrest scams and investment frauds alone led to losses of ₹73 crore and ₹118 crore, respectively.

Mali stressed the urgent need for trauma support and a government-backed insurance program to assist victims of cyber fraud. “Victims are left shattered emotionally and financially, often running from pillar to post to recover their money,” he said.

Cybercrime investigator Ritesh Bhatia highlighted systemic failures, pointing out that while banks sometimes freeze fraudulent accounts, victims rarely recover their money even after favorable court rulings. He also questioned why suspicious accounts remain undetected. “Awareness is important, but we need a stronger accountability framework,” he noted.

Experts are urging the Reserve Bank of India to enforce stricter compliance with cybersecurity norms and impose harsh penalties for violations.

Meanwhile, DCP (Cyber) Purushottam Karad advised citizens to remain alert. “Beware of promises offering high returns. If scammed, call the 1930 helpline and file a complaint immediately,” he said.