Money Trap: This Year, 40% of Cybercrime Incidents Used Investment Attraction
Money Trap: This Year, 40% of Cybercrime Incidents Used Investment Attraction
Gurugram, Haryana: The city seems to have developed into a haven for cybercriminals, who take advantage of people’s need for greater income and their willingness to take risks.
Almost 40% of all online fraud instances reported in the city are investment fraud, making it the most prevalent cybercrime. It has lured thousands of people into fraudulent investment schemes that promise rapid, substantial profits, including seniors, homemakers, and computer workers. Those who have been targeted are left chasing shadows and struggling with the loss of their hard-earned money, and the outcome is frequently destruction.
In the first half of 2025, the city’s cyber police cell received over 16,000 complaints, 40% of which were related to investment fraud. 1,300 scammers were detained in the first half of this year, up from about 700 in the same period in 2024, according to ACP (cybercrime) Priyanshu Diwan. “Increased public awareness has helped reduce total financial fraud losses from ₹155 crore in 2024 to ₹80 crore in the current year,” he stated.
Police said these scammers have a straightforward yet efficient method. They frequently use networks operated from overseas to lure victims with phony cryptocurrency platforms, fraudulent stock trading apps, or get-rich-quick scams spread via WhatsApp and Telegram groups.
To gain victims’ faith, cybercriminals first demonstrate to them tiny, fake earnings. After being persuaded, they are urged to make significant investments, only to discover that the websites disappear, the contacts stop responding, and their money disappears.
One example is a 57-year-old Sector 23 private worker who joined a WhatsApp group in September 2024. The 56-member club was established to provide instruction on investing in the stock market. By October, he had downloaded an app and transferred ₹1.3 crore into several bank accounts that the scammers had supplied. He was requested to transfer an extra ₹20 lakh as “investor tax” when he tried to withdraw the money.
The crooks ceased answering calls as soon as they stopped sending money.
In another case, a Facebook link promising rich stock market returns defrauded a daughter of a chartered accountant from Faridabad out of ₹7.6 crore. The financial losses are growing even after police efforts resulted in the arrest of 16 individuals in various places.
Mule accounts, which are real bank accounts that are rented or sold for a fee, are used extensively in these frauds to park and launder stolen funds. According to the cyber police, more than 40% of people detained in cyber fraud cases this year had given crooks access to their bank accounts in return for money or commissions. “The network of mule accounts is the lifeline of these fraud networks, enabling fraudsters to move money and hide their tracks,” stated ACP Diwan.
According to a police officer, the swift movement of funds across several accounts, conversion to cryptocurrency, and international travel make dismantling these networks difficult. “Some of the mule account holders have even travelled to countries like Dubai and Cambodia to sell information on dozens of their accounts for hefty sums,” he stated. According to police investigations, scammers use messaging apps to reach out to potential mule account providers and offer money in exchange for account information, making it very difficult to track down and retrieve stolen funds.
According to police investigations, scammers give commissions between ₹30,000 and ₹2 lakh in return for granting them access to their bank accounts. Police said that many mule account holders say that they are unaware of wider fraud schemes. “Some said they were told their accounts would be used for business purposes or foreign remittances, while others looked the other way, tempted by the promise of quick money,” stated the law enforcement officer.
According to ACP Diwan, the cyber police are putting a lot of effort into breaking up the network of mule accounts. “Fraudsters would find it difficult to function without these accounts. More than 400 people have been taken into custody for giving criminals accounts just this year,” he continued.
About the Author:
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blogs, he also writes for brands including Craw Security, Bytecode Security, and NASSCOM.
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