Mumbai witnesses ₹2.95 lakh crore financial frauds in a decade

India Jul 02, 2025

In the last 10 years, Mumbai alone has seen 2.71 lakh people lose a staggering ₹2.95 lakh crore to financial scams, according to the Economic Offences Wing.
Across the rest of Maharashtra, about 1.05 crore investors lost another ₹22,552 crore to similar frauds and cybercrimes—showing just how widespread and damaging these schemes have become.

Over 31,000 complaints in Mumbai alone last year

Between 2016 and May 2025, Maharashtra reported over 46,000 cybercrime cases tied to financial deception, with total losses hitting ₹11,034 crore.
In just 2024, Mumbai saw more than 31,000 complaints.
To fight back, the state is setting up Financial Intelligence Units in police stations and planning tougher laws like using MCOCA against organized crime groups behind these scams.