Financial Crime World

Financial Crimes in Myanmar: Indian Victims Lose ₹1,776 Crore in Four Months

Introduction

In a shocking revelation, the Indian Cyber Crime Coordination Centre (I4C) has reported that nearly half of financial frauds targeting Indians originate from three South-East Asian countries - Myanmar, Cambodia, and Laos. This article delves into the details of this alarming trend.

Financial Fraud Hotspots in India

According to I4C Chief Executive Officer Rajesh Kumar, 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. The complaints received on the national cyber crime portal - cybercrime.gov.in and 1930 helpline are not all converted into First Information Reports (FIR).

Measures Taken by I4C

  • Blocking bank accounts: A total of 3.25 lakh mule bank accounts have been blocked in the past four months.
  • Apps and URLs: 595 apps and more than 3000 URLs have been suspended since July 2023.
  • SIM cards and IMEI numbers: 5.3 lakh SIM cards and 80,848 IMEI numbers have been suspended since July 2023.
  • WhatsApp groups: 3401 WhatsApp groups were taken down in the past two months.

Investment Scams

Investment scams lure people mainly through social media by promising them easy money with minimal effort involved. In 2023, I4C received over 1 lakh complaints and published around 10,000 FIRs.

  • Chinese apps: Chinese apps are used for these scams which points towards a possible Chinese connection.
  • Indians working in suspected scam compounds in Cambodia: Indians working in suspected scam compounds in Cambodia protested against their employers after being duped into joining the centres with fake promises of data entry operator jobs. The Andhra Pradesh police are investigating the case and have arrested three recruiting agents.

Tracing Missing Individuals

I4C has a list of all people who have gone to south-east Asia on tourist visas but haven’t returned for a long time. Most are in the 21-30 age group, and I4C is seeking help from the Ministry of External Affairs (MEA) to trace these individuals.

New Law - Bharatiya Nyaya Sanhita (BNS)

The newly enacted Bharatiya Nyaya Sanhita (BNS), which will come into effect from July 1, will categorise such crimes as organised crime.