10 months of cyberfraud registry: 13 lakh transactions declined, Rs 5,000 crore saved

Launched by Union Home Minister Amit Shah on September 10 last year, it can be accessed by States/ UTs and central investigation and intelligence agencies.

Data accessed by The Indian Express shows they have frozen around 3,54,884 accounts in which fraudulent money was received, 11,10,566 unique accounts identified, and Rs 5,111.80 crore saved after fraudulent transactions were rejected between September 2024 and August 1 this year. “Around 14.13 lakh people data have been shared by the banks/ financial institutions in the system, and data of around 13.06 lakh suspects identifiers were shared with the banks/ financial institutions by the Centre,” a senior government official said.

There are 61 banks/ financial institutions onboard the suspect registry system. The official said that among them, “35 private sector-Indian banks, 12 nationalised banks, six regional rural banks, six wallet/ merchant and one private sector bank-foreign bank”.

“The objective of the system is to help all the banks/ financial institutions to verify credentials of their customers before extending or giving any sort of financial services to them. With the help of a suspect registry, now the banks/ financial institutions can monitor money transactions going into suspected accounts in real-time…,” an official said

An analysis by agencies has revealed that this year, India is losing over Rs 1,000 crore monthly to cyber frauds. “In January, Rs 1,837 crore was cheated, Rs 1,573 crore in February, Rs 1,683 in March, Rs 1,314 crore in April, Rs 1,644 crore in May, Rs 1,584 crore in June and Rs 1,829 crore in July. Analysis also shows that more than 80% of cheating cases are recorded in the financial fraud category,” the official said. An official said Rs 15.03 crore was refunded in January 2025, Rs 9.48 crore in February, Rs 9.87 crore in March, Rs 15.75 crore in April, Rs 14.60 in May, Rs 18.45 crore in June and Rs 11.73 crore in July.

Mahender Singh Manral is an Assistant Editor with the national bureau of The Indian Express. He is known for his impactful and breaking stories. He covers the Ministry of Home Affairs, Investigative Agencies, National Investigative Agency, Central Bureau of Investigation, Law Enforcement Agencies, Paramilitary Forces, and internal security. Prior to this, Manral had extensively reported on city-based crime stories along with that he also covered the anti-corruption branch of the Delhi government for a decade. He is known for his knack for News and a detailed understanding of stories. He also worked with Mail Today as a senior correspondent for eleven months. He has also worked with The Pioneer for two years where he was exclusively covering crime beat. During his initial days of the career he also worked with The Statesman newspaper in the national capital, where he was entrusted with beats like crime, education, and the Delhi Jal Board. A graduate in Mass Communication, Manral is always in search of stories that impact lives. ... Read More

Stay updated with the latest - Click here to follow us on Instagram

© The Indian Express Pvt Ltd