Indian Police Crackdown On Social Media Financial Fraud

Uploaded on 2023-10-05 in TECHNOLOGY-Key Areas-Social Media, GOVERNMENT-Law Enforcement, FREE TO VIEW, BUSINESS-Services-Financial

Indian Police in Bengaluru have busted a cyber fraud scam and arrested six people who allegedly cheated thousands of victims across India on the pretext of an investment scheme.

The cyber crime network was cheating people by promising huge returns on numerous small investments, contacting them through the instant messaging apps,  WhatsApp and Telegram. 

The gang is suspected of having conned more than 5,000 people in 30 states across India. The Bengalaru Central Crime Branch (CCB) has been able to seize Rs 50 million ($600k) in criminal proceeds although that is only a fraction of the amount stolen.

Initially, the victims were asked to invest smaller amounts ranging from Indian rupee Rs1,000 - Rs10,000 on the pretext that they would earn Rs 5,000 per day as a profit, a senior police officer said. Thousands of victims invested more than Rs 10,000 ($120). 

Six suspects have been arrested in Bengalaru, however, three others are at large, Police Chief B Dayananda announced. The three other accused, alleged to be the masterminds behind the fraud have been identified, with further efforts are being made to apprehend them.

Bengaluru Police Commissioner B Dayananda said the CCB has been successful in detecting the "very interesting" cyber crime fraud case in which the criminals have cheated certain individuals by luring them at high rates of interest for the money they deposited.  The investigation has revealed that 5,013 similar cases of cyber investment fraud have been registered across India. Bengalaru, 17 such cases have been registered at different police stations across the state.

Major tech centres in India have emerged as prominent hubs for cybercrime activities, with poor cybersecurity infrastructure, inadequate digital literacy, and socioeconomic challenges contributing to their vulnerability.

Gurugram, a key IT and corporate hub, accounted for a staggering 8.1% of reported cybercrimes, despite housing less than 0.2% of India’s population. Bengaluru, the ‘IT Capital’ of the country, is also grappling with a rapid upsurge in cybercrime.

Hindustan Times:   Deccan Herald:   Indian Express:     The Hindu:   India Startup News:

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