Pune: Think Twice Before Investing; Once Cyber Thieves Strike, Chances of Recovery Are Just 1%

Reported By Varad Bhatkhande
Pimpri Chinchwad, 8th January 2025: Citizens need to think at least twice before investing any money as cyber crimes continue to increase in today’s world. In the last year of 2024, cyber thieves swindled Rs 342.42 crores from victims in Pimpri Chinchwad alone. Of this amount, only Rs 3.67 crores were recovered, amounting to just over 1% of the stolen funds. Pimpri Chinchwad Police are urging investors to look closely and think carefully before investing, and to inform law enforcement authorities as soon as possible if anything suspicious occurs. In connection with these cyber fraud cases, 82 accused have been arrested.

How Do Citizens Fall Prey to Cyber Fraud?

Citizens often fall prey to cyber fraud through various deceptive tactics employed by scammers. Phishing scams, where fraudsters impersonate legitimate organizations via email or text, are particularly common. Social engineering techniques exploit emotions and trust, manipulating victims into divulging sensitive information or transferring money. Online shopping scams lure people with unrealistic deals on fake websites, while dating scams exploit romantic interests to extract money from victims.

Social media platforms are increasingly used for fraudulent activities, including fake giveaways and products. Ransomware attacks encrypt users’ data, demanding payment for access. Formjacking redirects shoppers to fake payment pages on legitimate websites. Scammers also exploit current events, like health crises, to create convincing schemes. Many of these scams pressure victims to act quickly, preventing them from verifying the legitimacy of requests.

A victim who lost over Rs 42 lakh from the Hinjawadi area in a cyber scam told Punekar News how the scammers contacted him via WhatsApp. They never called nor received calls but seemed to possess deep knowledge of the share market, hypnotizing victims into investing. Initial small investments yielded good returns, but larger investments became difficult to withdraw. The scammers manipulated victims into investing more, then avoided contact when money was demanded. The victim reported it to the police quickly, allowing them to secure about 1/3 of the amount, but the rest was lost.

Why Is It Hard for Cyber Police to Recover Stolen Money?

The difficulty in recovering stolen cyber fraud money largely stems from the use of “Mule Accounts,” as highlighted in the Pimpri Chinchwad Police advisory. These are bank accounts used by criminals to collect and transfer fraudulently obtained money. The process becomes complex because:

1. Regular savings accounts of common citizens are misused as mule accounts for cyber crimes.
2. Account holders are lured with commissions of 1-2% for allowing their accounts to be used.
3. These accounts are often used for online gaming transactions to mask the illegal activity.
4. Multiple layers of transfers occur through various linked accounts.

Once the stolen money enters this network of mule accounts, it becomes extremely challenging to trace and recover. While authorities can freeze suspicious accounts upon detection, the money often moves quickly through multiple accounts before this happens. This explains why recovery rates are typically very low, as seen in recent statistics where only 1.07% of stolen funds are recovered.

How to Avoid Cyber Attacks and What to Do if You Fall Prey to One?

To avoid cyber attacks, never share your bank account details, OTP, or passwords with anyone. Be extremely cautious of requests for bank accounts for gaming or investment purposes. Don’t allow your account to be used by others, even for a small commission of 1-2%. Avoid clicking on suspicious links or downloading unknown apps.

If you fall prey to cybercrime, act within the “Golden Hour” (the first hour after the fraud), as this period is crucial for recovering stolen money. Immediately:

– Contact your bank to freeze the account.
– Call 1930 (Cyber Helpline).
– Report on cybercrime.gov.in.
– File a complaint at the nearest police station.

Remember, account holders whose accounts are used for receiving fraudulent money become accused in cybercrime cases. The Pimpri Chinchwad Police strongly advise against letting anyone use your bank account for gaming transactions or any other purposes, whether known or unknown persons.

Police Strive to Prevent Cyber Crime

Pimpri Chinchwad Police have established a dedicated Cyber Police Station, staffed by a Police Inspector, two Assistant Police Inspectors, three Police Sub-Inspectors, and 45 Police Constables. Their intensified efforts to combat cyber fraud have led to 82 arrests and the recovery of over ₹3.67 crore. Additionally, various campaigns have been launched to raise awareness about cybercrime.

Deputy Commissioner of Police Sandeep Doiphode, in charge of the Crime Branch of Pimpri Chinchwad Police, told Punekar News, “In total, Rs 342 crores were swindled from people in 2024. We have managed to recover over Rs 3.50 crores. We urge people not to fall prey to these scams. If any investment scheme appears suspicious, we urge them to report it to Pimpri Chinchwad Police immediately. Please follow our issued guidelines when receiving money. Don’t click on unverified links, don’t download unknown apps, verify with banks before making large transactions, and consult experts before investing.”