Mumbai Cyber Crime: Over 700% Rise In Investment Fraud In City From Last Year, Reveals Statistics

Mumbai Cyber Crime: Over 700% Rise In Investment Fraud In City From Last Year, Reveals Statistics

According to the statistics, this year, 355 investment fraud cases were registered in Mumbai.

Somendra SharmaUpdated: Saturday, June 22, 2024, 01:31 AM IST
article-image
Mumbai Cyber Crime: Over 700% Rise In Investment Fraud In City From last Year, Reveals Statistics | Photo: Representative Image

There has been an over 700 percent increase in investment fraud related cyber-crime cases registered in Mumbai from January to May this year, as compared to the cases registered during the same period last year, the statistics have revealed.

According to the statistics, this year, 355 investment fraud cases were registered in Mumbai, out of which only 76 cases were detected and 91 persons were arrested in these cases. Last year, 42 investment fraud cases were registered out of which six cases were detected and 20 persons were arrested.

According to the police, the modus-operandi used by the scammers is that they first advertise their investment schemes on social media platforms and induce the victim to join a WhatsApp group created by them, that provides information on stock trading. The victims are then asked to download a bogus trading application and are asked to invest money in the stock market through it. The victims are then induced to send money in different bank accounts and the victim could see their earnings in the said app.

However, when the victim tries to withdraw the said money, they are asked to pay more money if they want to withdraw their earnings. After having learnt that they had been duped, they approach the police to get an offence registered in the matter.

In March this year, the Indian Computer Emergency Response Team (CERT-In) had also issued an alert for citizens warning them about the scammers duping people using fake trading apps.

"Avoid downloading apps from third-party stores, websites, ads or through links received in social media posts/chats/SMS. Download applications only from trusted sources like legitimate websites or authorized app stores. Properly verify the app details in the developer's website or app stores before downloading it. Always provide only the necessary permissions required for functioning of any app. Before granting any authorization, carefully read the privacy statement. Never share your login information of financial apps with anyone. Enable Multi-Factor Authentication in all sensitive information related apps. Pay attention to reviews and comments of the users, before installing any applications. Examine the app's promises and schemes carefully. Report cyber frauds and cyber crimes to 1930 immediately or visit https://www.cybercrime.gov.in," the alert had stated.

Investment fraud cases
2024
Cases registered - 355
Cases detected - 76
Persons arrested - 91

2023
Cases registered - 42
Cases detected - 06
Persons arrested - 20

RECENT STORIES

Jain Community Starts Preparations For Chaturmas; Grand Welcoming Underway For Jain Monks Across...

Jain Community Starts Preparations For Chaturmas; Grand Welcoming Underway For Jain Monks Across...

Mumbai Rains: Flooding, 16 Tree Collapses, 5 Short Circuit Incidents Reported In Various Parts Of...

Mumbai Rains: Flooding, 16 Tree Collapses, 5 Short Circuit Incidents Reported In Various Parts Of...

Good News! Mumbai's Water Stock Increases By 1.51 Lakh Million Litres, Adding 39 Days Of Supply Amid...

Good News! Mumbai's Water Stock Increases By 1.51 Lakh Million Litres, Adding 39 Days Of Supply Amid...

Thane: 38-Year-Old Man Sentenced To Life Imprisonment Under POCSO Act For Kidnapping And Murdering...

Thane: 38-Year-Old Man Sentenced To Life Imprisonment Under POCSO Act For Kidnapping And Murdering...

Mumbai: PM Modi Lays Foundation For India’s Longest Urban Tunnel Between Borivali And Thane

Mumbai: PM Modi Lays Foundation For India’s Longest Urban Tunnel Between Borivali And Thane