Crime Hyderabad

Trading Fraud tops cybercrime list in Hyderabad with Rs 136.66 crore loss in 2024

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Hyderabad cops arrest 2 Bengaluru residents in Rs. 2.9 crore stock trading fraud

Hyderabad: Cybercrimes in Hyderabad surged in 2024, with victims losing over Rs 385 crore compared to Rs 172 crore in 2023, marking a 91 percent increase in losses. The Hyderabad Police Commissionerate’s data reveals reported complaints rose from 21,878 in 2023 to 25,831 in 2024.

Hyderabad city police commissioner C V Anand said, “Actual losses could be higher as many victims hesitate to file complaints due to fear of public shame.”

The detection rate improved, rising from 9.58% in 2023 to 12.68% in 2024. Police arrested over 500 cybercriminals in 2024, up from 413 in 2023,said Hyderabad city police commissioner C V Anand. However, according to the statistics,convictions remained low at two cases per year.

Trading fraud emerged as the costliest cybercrime, with 563 cases resulting in losses of Rs 136.66 crore. Investment fraud followed with 926 cases and losses of Rs 60.02 crore, while customs fraud claimed Rs 61.29 crore through 312 cases.Other significant cyber crimes included OTP fraud with 361 cases and a loss of Rs 10.20 crore, customer care frauds with 188 cases with a loss of Rs 2.85 crore, and social media-related crimes with 296 cases and a loss of Rs 24.20 lakh.

Banking vulnerabilities exposed as Cybercriminals exploit loose verification

“Cyber crime police investigations uncovered serious vulnerabilities in the banking system. Police arrested several bank officials, including an Axis Bank vice president and RBL Bank deputy managers, for their alleged involvement in cyber frauds. Investigators found criminals exploited loose verification processes for current account openings and used multiple bank accounts to launder money,” said C V Anand.

In 2024, out of Rs 301.42 crore lost in registered cases, authorities froze Rs 77.60 crore and refunded Rs 39.30 crore to victims. This is an improvement from 2023, when Rs 37.34 crore was frozen and Rs 20.86 crore refunded from total losses of Rs 147.22 crore.