Data compiled by the Indian Cyber Crime Coordination Centre (I4C) shows nearly half of the 12 lakh cyber fraud complaints received in 2024 were perpetrated by fraudsters based in Southeast Asian countries — Cambodia, Myanmar, and Laos.
According to data compiled by the Indian Cyber Crime Coordination Centre (I4C), a division of the Ministry of Home Affairs (MHA), India lost approximately Rs 11,333 crore to cyber fraud in the first nine months of 2024.
Stock trading scams accounted for the largest share, with losses of Rs 4,636 crore from 2,28,094 complaints. Investment-based scams caused losses of Rs 3,216 crore from 1,00,360 complaints, while Rs 1,616 crore was lost to “digital arrest” frauds across 63,481 complaints.
Data from the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS), as seen by The Indian Express, showed nearly 12 lakh cyber fraud complaints were received in 2024, with 45% of these originating from Southeast Asian countries—Cambodia, Myanmar, and Laos. Since 2021, the CFCFRMS has recorded 30.05 lakh complaints, leading to losses amounting to ₹27,914 crore. Of these, 11,31,221 complaints were registered in 2023, 5,14,741 in 2022, and 1,35,242 in 2021.
Prime Minister Narendra Modi recently cautioned citizens about “digital arrest” frauds during the 115th edition of his ‘Mann Ki Baat’ radio program. Stressing that no government agency contacts individuals via phone or video calls for investigations, Modi urged the public to remain alert. “There is no system like digital arrest under the law,” he said, emphasizing the importance of awareness to combat such scams.
An analysis of cyber frauds this year revealed that stolen money is often withdrawn using cheques, central bank digital currency (CBDC), fintech crypto, ATMs, merchant payments, and e-wallets. Over the past year, the I4C has frozen around 4.5 lakh mule bank accounts, typically used to launder the proceeds of cybercrime.
At a recent anti-terror conference, the I4C flagged challenges faced by investigators in cyber fraud cases, including the anonymity of digital wallets, foreign money exchanges, lack of KYC protocols, VPN access, and cryptocurrency frauds originating from abroad. In collaboration with the telecom ministry, the I4C has also blocked 17,000 WhatsApp accounts linked to cybercriminals operating out of Southeast Asia, as part of efforts to disrupt offshore criminal networks and strengthen India’s digital security.
