In August, Indian textile tycoon S.P. Oswal, chairman of the Vardhman Group, paid €770,000 to scammers posing as federal agents who accused him of money laundering. The 82-year-old was placed under video surveillance at home and threatened with arrest until he paid the ransom. This “digital arrest” scam has ensnared other high-profile victims, including court judges, doctors and army officers. Between January and March alone, victims transferred roughly €1.3 million to scammers despite campaigns against the fraud.

A report from May found that 46 percent of cyber attacks targeting India originated from Laos, Myanmar, and Cambodia, prompting Indian officials to engage in talks on cross-border cybercrime in Southeast Asia. State-run Indian Cyber Crime Coordination Centre (ICCC) estimates Indians who endured various forms of online attacks lost 18 billion rupees – approximately 2 billion euros – in four months at the beginning of this year.

According to ICCC, India registered some 741,000 cybercrime complaints in the first four months of 2024 – a jump of 113 percent from 2021 to 2023.

The role of banks in facilitating these transactions has come under scrutiny, with revelations that while scammers funnel billions of rupees through banks, less than 2 percent of stolen funds is recovered. Online financial fraud has surged 1,000 percent over the past five years in India, with 955 million internet users and 536 million WhatsApp subscribers – key targets for cybercriminals.