Mumbai Loses Rs 2,067 Crore to Cyber Scams Since 2020, Rs 82 Crore Recovered

Strategic Insights -

Cyber frauds have become increasingly prevalent in Mumbai, with the city losing Rs 2,067 crore to online scams since 2020. The victimization of law-abiding citizens by con artists posing as law enforcement officials, claiming involvement in money laundering, has become a growing concern. Despite the police recovering only Rs 82 crore out of total losses, the state's cyber frauds have continued to rise sharply, with Rs 530 crore lost by July 2025 alone. Experts attribute the problem to a combination of human behavior, weak banking systems, and the lack of intent among financial institutions to implement RBI guidelines to prevent such scams.

Key Takeaways:

  • The biggest single loss in a digital arrest scam in the state this year was reported by a 58-year-old businessman from Mumbai, who was cheated of Rs 58 crore.
  • Cyber frauds have risen sharply in Mumbai, jumping from Rs 81.7 crore during the pandemic to Rs 888.3 crore in 2024.
  • By July 2025, the city had already lost Rs 530 crore to online scams.
  • Since 2020, the city has lost Rs 2,067 crore to cyber scams, out of a total of Rs 10,254 crore lost across the state.
  • Only Rs 82 crore has been recovered in this period.
  • The target group comprises law-abiding citizens who tend to trust government agencies but are often unaware of cybercrime tactics.
  • Experts emphasize that banks that ignore RBI guidelines should be held accountable for negligence.
  • DIG (state cyber) Sanjay Shintre advises people to know that "digital arrest" is always fake, and no genuine officer will ever ask for money or threaten victims on a video call.
  • Former Mumbai police commissioner D Sivanandhan attributes the problem to older victims often giving in to fear of authorities like the CBI or ED.
  • Cyber lawyer Prashant Mali points out that the problem lies not in technology but in human behavior and weak banking systems.
  • Cybersecurity expert Ritesh Bhatia states that with today's AI-based monitoring tools, banks can easily detect suspicious accounts, and the problem is a lack of intent.
  • IPS officer-turned-lawyer YP Singh suggests that even a basic check can expose fraud, and if banks ignore RBI rules, they should be held responsible for failing to protect their customers.

Statistics:

  • Mumbai has lost Rs 2,067 crore to cyber scams since 2020.
  • Only Rs 82 crore has been recovered in this period.
  • Cyber frauds have risen sharply in Mumbai, jumping from Rs 81.7 crore during the pandemic to Rs 888.3 crore in 2024.
  • By July 2025, the city had already lost Rs 530 crore to online scams.
  • Since 2020, the city has lost Rs 2,067 crore to cyber scams, out of a total of Rs 10,254 crore lost across the state.

Sources:

  • Mumbai: The biggest single loss in a digital arrest scam in the state this year was reported by a 58-year-old businessman from Mumbai, who was cheated of Rs 58 crore, or more than half the total losses statewide. The conmen in his case posed as law enforcement officers, claiming his bank account was involved in money laundering. Terrified, he followed their instructions for 40 days, even as his wife urged him to hang up. By the time he realised he had been duped, his life savings were gone. Police have recovered only Rs 4 crore.