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Fraud

India Sees Rise in Cyber Fraud Cases, Especially Amongst Younger Population

Strategic Insights

— 1 min read

A 23-year-old engineering student in Mumbai lost more than Rs.6 lakh to cyber fraud while searching for female escort services online. This is not an isolated incident, as the Delhi Police recently arrested four individuals, including two private bank employees, for allegedly enabling a cyber fraud syndicate that cheated hundreds of people in and around the national capital through a fake investment app called QuantsAIS. Similarly, a 73-year-old resident of Chandigarh was duped of Rs.10 lakh by cyber fraudsters who posed as officials from the Telecom Regulatory Authority of India and law enforcement, threatening him with arrest in a fake money laundering case.

Key Takeaways:

  • The Mumbai police have reported a case where a 23-year-old engineering student lost Rs.6 lakh to cyber fraud while searching for escort services online.
  • The Delhi Police arrested four individuals, including two private bank employees, for allegedly enabling a cyber fraud syndicate that cheated hundreds of people in the national capital through a fake investment app called QuantsAIS.
  • A 73-year-old resident of Chandigarh was duped of Rs.10 lakh by cyber fraudsters who posed as officials from the Telecom Regulatory Authority of India and law enforcement.
  • The victims in these cases were targeted through various online platforms, including WhatsApp and social media.
  • The police have registered FIRs under relevant sections of the Bharatiya Nyay Sanhita and the Information Technology Act against unidentified persons.

Statistics:

  • Rs.6 lakh: The amount lost by the 23-year-old engineering student in Mumbai to cyber fraud.
  • Rs.16.7 lakh: The amount lost by a businessman in Patel Nagar to cyber fraud through a fake investment app called QuantsAIS.
  • Rs.10 lakh: The amount lost by a 73-year-old resident of Chandigarh to cyber fraudsters who posed as officials from the Telecom Regulatory Authority of India.

Sources:

  • Hindustan Times, May 13
  • PTI news agency
  • Delhi Police press release

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