Economic Crimes Surge In Mumbai: EOW Records Massive ₹1.57 Lakh Crore Fraud In Just 9 Months

Mumbai: Once known for gang wars, extortion, murders, and underworld crimes, Mumbai has undergone a dramatic shift in its crime landscape. The country’s financial capital is now witnessing an unprecedented rise in economic offences, with frauds running into crores being reported almost every other day.

This alarming trend is reflected in the latest data released by the Economic Offences Wing (EOW) of the Mumbai Police, which shows a massive spike in financial crimes during 2025.

According to EOW records, between January 2025 and 30 September 2025, the value of assets involved in ongoing investigations has reached a staggering ₹1,57,09,53,42,731 (₹1.57 lakh crore)—one of the highest economic crime figures ever recorded in Mumbai.

In September 2025, EOW registered 16 new cases, double the number filed in August (8 cases). Despite this increase, the agency managed to complete investigations in an equal number of cases, showcasing fast-paced and efficient probe mechanisms.

Sharp Rise Over the Past Three Years

The EOW data reveals a consistent and sharp rise in economic offences:

Year (Jan–Sept) Number of Cases Fraud Value

2025 91 cases ₹1.57 lakh crore

2024 62 cases ₹311 crore

2023 46 cases ₹199 crore

The numbers indicate a troubling rise in large-scale cheating cases, fake investment schemes, digital financial frauds, and cyber-enabled scams.

A senior EOW officer confirmed that criminals are now using sophisticated tools and new-age digital platforms to target citizens, investors, and business entities. Cases involving misuse of digital payments, fraudulent financial apps, and online investment portals have also surged significantly.

Despite the spike, EOW continues to maintain a 100% detection rate in 2025.

Economic Intelligence Unit (EIU) Reactivated After 5 Years

After the Torres scam surfaced in January 2025 and the rapid rise in high-value frauds, the Police Department revived the Economic Intelligence Unit (EIU) on 16 April 2025, after nearly five years of inactivity.

Since reactivation, the effect has been visible many scams were intercepted before causing large-scale damage.

From April to October 2025, the EIU received:

83 complaints of suspected fraud

FIRs filed in several cases

Smaller cases (less than ₹10 crore, except some cases) forwarded to local police stations

Breakdown of EIU Inputs & Action

1. Local Informers & Ground Intelligence

Complaints received: 37

Disposed after inquiry: 34

Under investigation: 3

2. Open Source / Social Media Leads

Cases forwarded to local police: 6

Disposed (no fraud detected): 1

Preliminary inquiry ongoing: 7

3. FIRs Filed by EIU

Total: 3 cases

One transferred to West Cyber Cell

FIR in “Close Friend” app fraud (₹14 crore)

FIR in Gujarat-based “Ojasvi Company” fraud

4. Email Complaints

Total received: 39

All forwarded to cyber cells due to digital nature

5. Public Advisories Issued

On Costa Saving App scam (alert issued)

On Close Friend App (advisory in process)

The EOW has urged citizens to remain cautious and avoid falling prey to high-return promises, unregistered trading apps, and suspicious investment schemes. Nishith Mishra, Joint Commissioner of Police, EOW Said, “EOW is strengthening technological surveillance and accelerating investigations to curb large-scale financial fraud. The reactivated EIU has helped us prevent crimes even before they occur. Our detection rate remains 100%. We urge citizens to invest only through SEBI and NSE registered platforms and immediately report any suspicious activity.”

To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/