Maharashtra Forms Economic Intelligence Unit To Tackle Financial Fraud

In a significant move to combat rising incidents of financial fraud, the Maharashtra State Home Department has established an Economic Intelligence Unit (EIU). The initiative follows a surge in cases where individuals were lured with promises of high returns on investments.

The announcement was made by Minister of State for Home Affairs Yogesh Kadam during the Budget Session 2025.

“The EIU will monitor suspicious financial institutions operating in Maharashtra with fraudulent intentions. Its core responsibilities will include gathering and analysing data on financial crimes, monitoring bank frauds and identifying economic crime networks with the help of intelligence agencies, Kadam said.

Following the announcement, the Mumbai police's Economic Offences Wing has swiftly operationalised the unit. It will be headed by a Senior Police Inspector, supported by two Assistant/Sub-Inspectors and eight police personnel.

Kadam emphasised the strategic importance of the unit, stating, “The EIU will provide an invisible yet vital layer of financial security for citizens. It will also play a key role in dismantling criminal financial networks. Under the strategic guidance of CM Devendra Fadnavis, the state government has taken a decisive step to curb economic fraud,” said Kadam.