Mumbai: Mumbaikars lost Rs 1,127 crore to various cybercrimes in the 15 months from Jan 2024 to March 2025, data with the city police shows. Around 85% of the total financial losses — nearly Rs 964 crore — were a result of cyber-cheating, which includes share trading frauds, digital arrests, cryptocurrency scams, provident fund scams and such. Incidents of sextortion resulted in losses up to Rs 47 crore while credit card fraud resulted in losses of Rs 34 crore in the same period.Experts demanded more accountability from banks and penalties for non-compliance of guidelines. They demanded govt-run insurance schemes for cybercrime related financial losses and mental health interventions for victims.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.In March, an elderly woman from south Mumbai lost Rs 20 crore in a digital arrest scam where she was accused of money laundering and kept hostage at home for two months. Earlier this month, a pilot working with a leading airline was duped of Rs 3 crore in a meticulously planned investment scam which involved a malicious trading app. In the first three months of this year alone, digital arrest scams led to Rs 73 crore in losses, while investment scams resulted in Rs 118 crore in losses.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.Financial cybercrimes are a blow to the country’s economy as sums defrauded from individuals here are often converted to cryptocurrency and sent to masterminds overseas. Cybercrime investigator Ritesh Bhatia argued that while the thrust of all govt-led cybersecurity campaigns is on creating awareness among individuals, what is missing is a robust accountability framework. “How are mule accounts operational and why are bank accounts with suspicious transactions not getting flagged?” Bhatia said. He listed numerous instances where banks have frozen the accounts of perpetrators but the money has not been released to the victim despite a court order in the latter’s favour. Experts said the RBI must go beyond issuing directions and severe penalties should be imposed for non-compliance of guidelines.Purushottam Karad, DCP (cyber), said that individuals should be careful with offers that are too good to be true. “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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