Financial Crime World

Financial Crime Investigation Methods in Cambodia: Indian Authorities on High Alert After Spurt in Organised Crime

India’s financial crime investigation agency, I4C, has sounded an alarm after detecting a surge in financial frauds originating from Myanmar, Cambodia, and Laos. According to Rajesh Kumar, CEO of I4C, nearly half of these frauds target Indians, with the majority being investment scams that lure victims through social media.

Financial Crime Hotspots

  • South-east Asia has been identified as a major hotbed for financial crimes, with Myanmar, Cambodia, and Laos being the top three hotspots.
  • The region is responsible for 48% of all financial crime complaints received by Indian authorities in the first four months of this year.

Fraudulent Activities

  • I4C has detected a significant number of web applications used to commit frauds are written in Chinese language, casting doubt on whether there is a Chinese connection.
  • The agency has blocked 3.25 lakh mule bank accounts, 595 apps, and over 3,000 URLs in the past four months.

Investigations and Arrests

  • Around 1,000 people have been arrested since December 2023 for their involvement in financial crimes.
  • I4C is working closely with state police to tackle this issue.

Scam Compound Discovery in Cambodia

  • A suspected scam compound was discovered in Sihanouk city, Cambodia, where many Indians were forced to work long hours under duress.
  • On May 20, some of these Indians protested against their employers, leading to the arrest of three recruiting agents by Andhra Pradesh police.

Missing Indians in Cambodia and Laos

  • I4C is working on tracing over 3,000 Indians who have gone missing after traveling to Cambodia and Laos on tourist visas.
  • The agency has sought the help of the Ministry of External Affairs (MEA) in this regard.

New Laws and Collaborations

  • The newly enacted Bharatiya Nyaya Sanhita (BNS) law will soon come into effect, classifying such crimes as “organised crime”.
  • I4C is collaborating with Google to devise a machine-based solution to detect and prevent fraudulent activities on its platform.