Maharashtra Reports ₹7,634 Crore Loss to Cyber Frauds in 2024
Maharashtra experienced a significant surge in cyber fraud incidents in 2024, leading to financial losses amounting to ₹7,634 crore. Among the state’s cities, Pune recorded the highest monetary losses due to cybercrimes, highlighting the growing threat of digital fraud.
Escalating Cyber Fraud Cases in Maharashtra
The state has witnessed a sharp rise in cyber fraud cases over recent years, with financial losses jumping from ₹145 crore in 2020 to ₹811 crore by October 2024. This trend underscores the increasing sophistication of cybercriminals who target individuals and businesses alike.
Pune: The Hardest Hit
Pune has emerged as the most affected city in Maharashtra, registering the highest financial losses due to cyber fraud. The growing number of cybercrime cases in the city points to an urgent need for enhanced cybersecurity awareness and preventive measures to curb financial frauds.
Mumbai’s Rising Cybercrime Concerns
Mumbai has also reported a steep rise in cyber fraud incidents. During the first ten months of 2024, residents of the city lost more than ₹1,012 crore to online frauds, a stark increase from ₹262 crore in 2023. Law enforcement agencies were able to recover ₹129.6 crore and arrested 210 individuals linked to various cyber fraud schemes.
Statewide Cybercrime Statistics
Official data indicates that Mumbai received the highest number of cyber fraud complaints in Maharashtra, with 54,836 cases as of October 2024. Pune followed with 26,332 complaints, while Thane reported 23,148 complaints. Despite the increasing number of cases, the resolution rate has been declining, with only 337 cases solved in 2023, compared to 973 in 2021.
National Perspective on Cyber Frauds
India recorded approximately 1.13 million financial cyber fraud cases in 2023, with total losses reaching ₹7,488.6 crore. Maharashtra ranked second among the most affected states, accounting for 130,000 complaints and ₹990.7 crore in losses. Uttar Pradesh topped the list with around 200,000 cases reported.
Government Initiatives and Public Awareness
To combat the rising cybercrime menace, the Indian government introduced the ‘Citizen Financial Cyber Fraud Reporting and Management System’ under the ‘Indian Cyber Crime Coordination Centre.’ This initiative has reportedly prevented financial losses amounting to ₹1,200 crore across more than 470,000 reported cases. However, despite these efforts, only 3% of the ₹811 crore lost in 2024—approximately ₹27.35 crore—has been successfully recovered.
The Need for Enhanced Cybersecurity Measures
The increasing incidents of cyber fraud in Maharashtra, particularly in Pune and Mumbai, highlight the urgent need for stronger cybersecurity measures. Experts stress the importance of public awareness, adopting better digital hygiene practices, and implementing advanced security measures to safeguard individuals and businesses from cyber threats.
The alarming financial losses due to cyber frauds in Maharashtra underscore the need for coordinated efforts by law enforcement agencies, financial institutions, and citizens. Strengthening cybersecurity measures and raising awareness about digital frauds remain crucial to mitigating future threats and protecting the state’s digital economy.
