Vizagites lose Rs 28 cr to cyber frauds in 1st 3 months in 2026

Visakhapatnam: Residents in parts of Vizag city lost around Rs 28 crore to cyber frauds in the first three months (January to March) in 2016, with investment scams and digital arrest frauds accounting for more than 70 per cent of the money Vizagites lost to cybercrimes.Around 60 FIRs, based on more than 400 complaints, were registered with the cybercrime police station from parts of Vizag city in the first three months in 2026. Cyber police officials said one FIR was a combination of 5 to 10 similar types of cybercrime complaints, explaining the gap between complaints and FIRs.Vizagites lost Rs 12 crore to cybercrooks in January, and they lost over Rs 8 crore each in February and March. Cybercrime has been widening in scale in the past few months. The police, however, manage to contain financial damage by real-time intervention, tracking account activity, and inter-agency coordination.The police observed that investment frauds, including fake stock market trading scams and cryptocurrency scams, accounted for at least 50 per cent of the total money lost in the past few months. The biggest chunk of the investment frauds is driven by people's desire to make easy money in a short period, which is why people, including employees and businessmen fall for such attractive fake schemes that promise quick returns., the police added.So-called Digital Arrest frauds accounted for 20 per cent of the total amount lost to cybercrime, followed by job frauds and malicious APK file frauds, police said. In digital arrest or banking-related frauds, cyber crooks posing as enforcement officials of various departments mostly tried to scare victims through video phone calls with arrest in a fake case, said a senior police officer. Senior citizens were vulnerable to fraudsters due to their trusting nature, lack of digital awareness, loneliness as their children were staying in other cities, financial stability, and lack of immediate support, the police added."Greed and Fear" were the top reasons that made individuals particularly prone to cyber fraud, despite various awareness campaigns about new trends of cyber frauds, said a senior police officer in Vizag city. The two emotions remained the main drivers behind the number of people who fell victim to cybercrimes. "If victims report the crime promptly within one hour, the lost money can be frozen immediately. This allows us to proceed legally and return the money to the victims," he added."