NEW DELHI – India saw an unprecedented spike in cybercrime last year, with citizens reporting losses of ₹22,845.73 crore in online financial frauds a staggering 206% increase from the ₹7,465.18 crore lost in 2023, according to data presented before Parliament by the Ministry of Home Affairs at the 22 July session.
Millions of Incidents, Worse Than Ever
Nearly 3.6 million cases were registered via the National Cyber Crime Reporting Portal (NCRP) and the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS), a sharp rise from 2.44 million in 2023. Despite robust intervention, only ₹5,489 crore was recovered through swift banking and cyber cell responses, leaving the vast majority of stolen assets unretained.
To date, law enforcement has sealed 942,000 SIMs and 263,348 IMEIs, while launching a Suspect Registry and a geographic crime‑mapping platform named ‘Pratibimb’, which together have helped apprehend 10,599 suspects and freeze assets totalling ₹4,631 crore.
Mounting Pressure on Security Infrastructure
Experts warn that the surge in cyber fraud reflects stress on India’s rapidly expanding digital financial ecosystem. With over one billion Internet users and a thriving UPI landscape, fraudsters are increasingly deploying sophisticated tactics from phishing and investment scams to AI‑powered impersonation to exploit consumer vulnerability.
The government has responded by intensifying cybersecurity protocols: exchanging suspect data with banks, freezing mule accounts, and blacklisting spam callers. Still, the sheer scale of incidents over 10,000 arrests in 2024 suggests that existing mechanisms are overwhelmed.