Financial Crime World

Cambodia’s Cyber Underground: Indian Victims of Financial Frauds

A Shocking Revelation

In a recent revelation, it has been found that nearly half of financial frauds targeting Indians have originated from Cambodia, Myanmar, and Laos. Many web applications used to commit these crimes are written in Chinese, according to Rajesh Kumar, Chief Executive Officer of the Indian Cyber Crime Coordination Centre (I4C).

Financial Frauds: A Growing Concern

Between January and April this year, India has lost over ₹1,776 crore in 89,054 cases of financial frauds, including digital arrest, stock market scams, investment scams, and romance or dating scams. The I4C has received complaints on its national cyber crime portal, cybercrime.gov.in, and 1930 helpline, with many of them not being converted into First Information Reports (FIR).

Efforts to Combat Cybercrime

The centre’s efforts, along with those of state police, have resulted in the blocking of over 3.25 lakh mule bank accounts, 595 apps, and more than 3,000 URLs. Kumar revealed that around 1,000 people have been arrested since December last year, with a significant number of complaints (62,687) related to investment scams.

Investment scams often lure victims through social media, using Indian mobile phone numbers and duping money through various methods. In one notable instance, Indians working in a suspected scam compound in Sihanouk city, Cambodia, protested against their employers, demanding their passports back. The Andhra Pradesh police are investigating the case, and three recruiting agents have been arrested.

China: A Victim of Cybercrime

Kumar warned that China was also a victim of such scams, with over 44,000 Chinese people being brought back from “scam compounds” in the past two years. Many of the apps used to commit these crimes are written in Chinese, suggesting a possible Chinese connection.

Collaboration and Countermeasures

The I4C is working closely with the Ministry of External Affairs (MEA) to trace Indians who have gone missing while on tourist visas in Cambodia and other countries. The centre has also devised a machine-based solution to combat these frauds, which involves collaboration with Google.

High-Level Committee Convened

In a bid to mitigate cybercrime originating from south-east Asia targeting India, a high-level inter-ministerial committee was constituted on May 16, headed by the Special Secretary (Internal Security). The committee aims to address this growing menace and bring perpetrators to justice.