Cyber scams soar by 158% in 2024, Rs 452 cr stolen from accounts: Delhi Police
cyber scams by June, up from Rs 175 crore during the same period in 2023.
Investigators disclosed that criminals are using more advanced methods to avoid detection and launder stolen funds. A prevalent tactic involves spreading the stolen money across multiple digital wallets, complicating efforts by law enforcement to trace the funds' origin. This swift distribution prevents authorities from targeting the original account from which the money was transferred.
To further complicate matters, the criminals often withdraw the funds through multiple ATMs, further obscuring the money trail. Additionally, they exploit the bank accounts of vulnerable individuals, such as those living in poverty or with limi ted financial literacy. By offering small sums of money, they acquire access to these accounts and use them as conduits for transferring the stolen funds. “Even if the investigators follow the money trail and reach the account holder, they will never get to know who the real mastermind of the scam is. The person who allowed the use of his or her bank account get arrested,” one investigator said.
Another officer said, “The fraudsters also transfer funds to their overseas associates by converting the stolen money into cryptocurrency or purchasing gift cards.” This method allows them to move funds across borders and circumvent traditional banking systems.
A senior officer said that during various investigations, police found that the scammers adopt different modus operandi to obtain bank accounts. “They approach
