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Financial Crime Trends in Cambodia: A Growing Concern for India
The Indian Cyber Crime Coordination Centre (I4C) has sounded an alarm over a worrying trend - nearly half of financial frauds targeting Indians are originating from three South-east Asian countries, including Cambodia. According to I4C, Myanmar and Laos are the other two countries contributing to this menace.
Chinese Connection Revealed
Intriguingly, many web applications used to commit these frauds are written in Chinese language, pointing towards a possible Chinese connection. This development has raised concerns about the increasing involvement of Chinese entities in financial crimes targeting India.
High-Level Committee Convened
To tackle this issue, a high-level inter-ministerial committee headed by the Special Secretary (Internal Security) has been constituted to mitigate cybercrime originating from South-east Asia and targeting India. The committee will work towards strengthening coordination between law enforcement agencies and other stakeholders to combat this menace.
Bharatiya Nyaya Sanhita to Classify Financial Crimes as Organized Crime
The newly enacted Bharatiya Nyaya Sanhita (BNS) is set to come into effect from July 1, which will classify financial crimes originating from South-east Asia as “organized crime”. This move aims to enhance the legal framework for dealing with such crimes.
Financial Crime Hotspots Identified
- Statistics reveal that Indians have lost over ₹1,776 crore in 89,054 cases of financial crimes such as digital arrest, stock market scam, investment scam and romance or dating scam in the first four months of this year.
- What’s more disturbing is that an increasing number of these crimes are originating from South-east Asia.
Hotspots in Jharkhand, Haryana, Rajasthan and West Bengal remain active and are expanding, with 85% complaints on the national cyber crime portal pertaining to financial crimes, out of which 48% originate from South-east Asia.
Organized Crime: A Growing Concern
The term “organized crime” refers to actions carried out jointly or severally by members with the intent of obtaining pecuniary or other advantages. In India, organized crime is not dealt with at the national level due to the lack of a specific law. However, various types of organized crime such as gang criminality, racketeering, syndicate crime and cybercrime are prevalent in the country.
Cybercrime: A Growing Concern
Cybercrime encompasses a wide range of malicious activities including: * Identity theft * Financial fraud * Hacking * Cyberstalking * Distribution of harmful software
It is a crime where a computer is the object of the crime or is used as a tool to commit an offense.
India Lacks Specific Law for Cybercrime
In India, cybercrime falls under State subjects as per the Seventh Schedule. However, there is no specific law at the national level to deal with organized crime.
I4C: A Initiative Against Cybercrime
The Indian Cyber Crime Coordination Centre (I4C) was approved in October 2018 and aims to deal with cybercrime in a coordinated and comprehensive manner.