City residents lose Rs. 49.12 crore in 2024; Rs. 3.76 crore recovered

Mysuru: Despite growing awareness about cybercrime, the number of people falling victim to online scams is increasing daily, raising serious concerns.

This year alone, 231 cases related to online investments, stock markets, and other cyber frauds have been registered, resulting in public losses amounting to Rs. 49.12 crore.

Online investment and stock market scams account for a significant portion of these fraud cases. Alarmingly, even educated individuals are being duped, underscoring the sophistication of these schemes.

Year-on-year statistics

• 2023: A total of 109 cases were registered, with victims losing Rs. 3.72 crore. Police successfully recovered Rs. 10.03 lakh and returned the amount to the rightful owners.

• 2022: A higher number of 272 cases were reported, with losses totalling Rs. 7.54 crore. The recovery stood at Rs. 67.35 lakh.

• 2021: Another concerning year, with 232 cases leading to losses of Rs. 10.55 crore. Of this, Rs. 1.77 crore was recovered by authorities.

While the Police have made notable efforts to recover and return lost funds, challenges persist. In some instances, issues have arisen, leading to delays or retention of recovered amounts.

The rising frequency and financial impact of cyber fraud highlight the urgent need for stricter measures, enhanced public awareness and continued vigilance from both citizens and law enforcement agencies.

Cybercrime surges in 2024

In 2024, cybercrime-related fraud surpassed the monetary losses recorded in the years 2021, 2022 and 2023 combined. A staggering Rs. 49.12 crore was defrauded through 233 registered cases, with only Rs. 3.76 crore recovered so far. However, Rs. 6.12 crore remains withheld due to procedural issues within the Police department.

Digital arrest trend

Mysuru city has witnessed a surge in “digital arrest” scams, with over 82 cases reported. Fraudsters in these cases impersonate authorities, threatening and extorting money from unsuspecting victims under the pretext of legal action.

The rising number of cyber fraud cases, coupled with the increasing sophistication of scams, underscores the need for robust preventive measures and greater public awareness. Authorities must address recovery delays and procedural inefficiencies to restore public trust and minimise financial losses.

Educated people fall for scams: Seema Latkar

Despite ongoing awareness campaigns by the Police, even educated individuals continue to fall victim to cyber scams by clicking on suspicious links, Mysuru City Police Commissioner Seema Latkar told Star of Mysore. She highlighted that recent intensified awareness drives have enabled quicker recovery of defrauded money in some cases.

She urged citizens to exercise caution and avoid responding immediately to unsolicited messages, calls or links. “Think twice and verify the authenticity before taking any action,” she said.

The Commissioner noted that tracing fraudsters is often challenging due to their use of intricate networks and delayed reporting by victims. Many fraud complaints are lodged only days after the incident, by which time critical leads may be lost.

“Timely reporting is crucial. If victims inform us immediately after the fraud, there is a higher chance of recovering their money,” she added, stressing the importance of prompt action by the public in combating cybercrime effectively.

Breakdown of cases in 2024

• Online investment scams: 107 cases
•  Job and online task scams: 61 cases

Other scams

• KYC fraud: 4 cases
• OTP fraud: 4 cases
• Lucky draw scams: 2 cases
• Social media scams (Facebook and Instagram): 4 cases
• Loan frauds: 2 cases
• Representative frauds: 2 cases
• Matrimonial frauds: 2 cases
• Advertisement frauds: 2 cases
• Cryptocurrency fraud: 1 case
• Miscellaneous frauds: 43 cases