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Cyber Frauds in India

  • 24 Oct 2024

In October 2024, the Indian Cyber Crime Coordination Centre (I4C) projected that Indians may lose over Rs. 1.2 lakh crore to cyber frauds in the coming year, potentially affecting 0.7% of the country’s GDP.

Key Points

  • Significant Financial Loss: Cyber frauds are expected to cause a financial loss of over ₹1.2 lakh crore, with mule bank accounts playing a significant role in laundering money.
  • Global Scam Links: A substantial portion of these scams is linked to entities from China, Cambodia, and Myanmar, where fraudulent calls and online activities are originating.
  • Mule Accounts: Around 4,000 mule accounts are identified daily, which are used to facilitate illegal transactions before moving money out of India via ATMs or cryptocurrency.
  • Economic Threat: Cybercrimes, including scams involving cryptocurrencies, pose a serious threat to the country’s economy, with concerns over terror financing and money laundering.
  • Government Measures: The Ministry of Home Affairs is expected to collaborate with the Finance Ministry and RBI to curb mule accounts, increase scrutiny of suspicious transactions, and implement stricter banking protocols.