Investment frauds drive cybercrime spike in Cyb

Hyderabad: In the past eight months, the Cyberabad commissionerate has recorded the highest number of cybercrime cases among the tri-commissionerates.
In fact, Cyberabad has already exceeded the total number of cybercrime cases registered last year, with over 5,500 cases so far, compared to 5,342 in 2023.

The cybercrime figures for Cyberabad surpass the combined totals of both Hyderabad and Rachakonda commissionerates, which have registered 2,140 and 1,500 cases, respectively.According to sources within the Cyberabad police commissionerate, the sharp increase in reported cases is primarily due to a directive to register every complaint, regardless of the financial amount involved.
Across Telangana, from May 2023 to April 2024, cybercrime victims have collectively lost a staggering 1,085 crore, with an average loss of 3.3 crore per day. In Hyderabad, 2,140 cybercrime cases have been recorded so far this year, down from 2,735 cases last year.
Investment frauds account for nearly half of all cybercrime cases, as many individuals fall prey to schemes promising exponential returns, believing their money is being invested in the stock market or cryptocurrency.
In Hyderabad last year, only 51 out of 2,735 cases were resolved. In Cyberabad, 168 cases were detected, with 233 crore lost and the police recovering 46 crore.
"Responding to unsolicited messages on platforms like WhatsApp and Telegram is the primary reason people lose money. Victims, unaware they are dealing with fraudsters, continue to invest, thinking they are earning high returns. Unfortunately, they only realise the fraud when they attempt to withdraw their funds,” a cyber police officials said.