Nashik: Online financial fraud is assuming alarming proportions in Nashik, with cybercriminals duping citizens of large sums of money through fraudulent investment schemes, impersonation and intimidation.
Even educated citizens, businesspeople and retired employees are falling victim to these scams. Fraudsters promising exceptionally high returns on stock market investments and those posing as police officers or officials of central investigative agencies to carry out so-called "digital arrest" scams have emerged as major causes for concern.
₹54.69 Crore Lost to Cyber Fraud in 2024
According to data from the Nashik City Cyber Police, 63 financial cybercrime cases were registered in 2023, resulting in losses of approximately ₹6.9 crore.
In 2024, the number of cases increased to 94, while the total amount defrauded surged to ₹54,68,86,634, or approximately ₹54.69 crore.
The figures indicate a substantial rise in both the number of reported cases and the financial losses suffered by citizens.
Of the cases registered in 2024, 36 were related to stock market investment fraud, through which citizens reportedly lost around ₹28 crore. Additionally, 13 digital arrest cases resulted in losses exceeding ₹16 crore.
These figures highlight how cybercriminals are increasingly targeting large financial transactions rather than limiting their activities to small amounts.
₹33.16 Crore Lost in First Five Months of 2026
The cybercrime crisis continued into 2026.
According to a report published by Deshdoot on June 10, 2026, the Nashik City Cyber Police Station registered 41 cases between Jan 1 and May 31, 2026.
During these five months, citizens were defrauded of a total of ₹33,16,24,058, or more than ₹33.16 crore.
Mule Bank Accounts Make Tracing Money Difficult
One of the biggest challenges in investigating cyber fraud is tracing the stolen money.
According to the report, fraudsters transfer money received from victims into bank accounts held by other individuals across different states instead of keeping it in their own accounts.
These accounts, commonly known as "mule accounts", serve as intermediaries for fraudulent transactions.
