As fear and greed fuel ‘digital arrest’ and stock trading frauds, Bengalurians lose Rs 1,800 crore to cybercrimes

On November 23, when Janardhan Reddy (name changed), 45, walked into Bengaluru’s South CEN police station after losing Rs 11 lakh to cyber fraudsters who promised huge profits from stock trading, little did he know that his was the 1,400th case to be registered at the police station.

Reddy is one of 16,357 cybercrime victims who have complained to the Bengaluru city police this year. In 2024, the city has lost a staggering Rs 1,800 crore to cybercrimes as of November 30. Although the number of cases has decreased compared to 2023, residents have lost over 168 per cent more than the previous year, which means Rs 5.40 crore lost every day to cybercrimes.