Akshat Khetan
When we think of India's biggest financial scandals, names such as Harshad Mehta and Abdul Karim Telgi come to mind. Their cases exposed serious weaknesses in the systems meant to protect people and their money. Today, financial fraud and digital scam looks very different. A phone call or a convincing message can be enough to make someone transfer their life savings to a stranger.
As India observes Cyber Security Awareness Month this October, the scale of the problem is difficult to ignore. According to the Ministry of Home Affairs, India recorded 24,02,579 financial cyber fraud complaints in 2025, involving Rs 22,495 crore. These numbers give us an idea of how widespread the problem has become, even if the losses cannot be directly compared with those linked to earlier financial scandals.
Harshad Mehta became the face of the 1992 securities scam, while Telgi's counterfeit stamp paper racket exposed how organised fraud could exploit gaps in the system. Today's cybercriminals may never become household names. They can operate from another city or country, target people they have never met and move money through several bank accounts before anyone realises what has happened.
For the person who has been cheated, the loss is immediate. Getting the money back is another matter. Investigators have to follow the trail, work out who controls the accounts and establish where the funds have gone. Some accounts are knowingly used to move stolen money, while others may belong to people who have been tricked themselves. By the time the fraud comes to light, the money may already have changed hands several times.
Telling people to be careful is necessary, but it cannot be the only answer. People need to recognise suspicious calls and investment offers, but they also need banks and law enforcement agencies to act quickly when a fraud is reported. The national cybercrime helpline, 1930, and cybercrime.gov.in give victims a way to report such incidents. What follows that complaint can make all the difference.
On October 8, Prime Minister Narendra Modi called for a global framework to tackle cyber scams and deepfakes, urging governments, technology companies, telecom operators and financial institutions to work together. The call is timely, given how easily these crimes can cross borders and involve several institutions.
There may never be one person whose name becomes synonymous with today's cyber fraud. But that should not make the problem any less urgent. The real test is whether India can trace stolen money, hold those responsible accountable and give victims a better chance of recovering what they have lost.
Author Bio - Akshat Khetan , AU Corporate Advisory and Legal Services (AUCL)
Disclaimer - The views and analysis presented in this article are intended strictly for general informational and educational purposes. The statistical data cited is sourced from public records provided by the Ministry of Home Affairs, Government of India. Content herein does not constitute professional legal advice, financial counsel, or an official attorney-client engagement. Readers are advised to consult qualified experts regarding specific individual or institutional security vulnerabilities.
