KOCHI: While Kochi recently made headlines after a pharma company owner lost Rs 25 crore to a single cyber fraud case, the broader picture is even more alarming. As of September 15, city residents have lost a total of Rs 66.23 crore to cyber frauds and the authorities have managed to recover only Rs 4.18 crore!
While the gap remains huge, it is a stroke of fortune that even a small portion of the money lost has been recovered, said a source with Kochi city police.
“In a typical cyber fraud case, scammers operate systematically, taking their time and executing multiple transactions to drain the victim’s account. By the time the victim realises they’ve been duped and lodge a complaint, a major share of the money is already gone. And we’re often able to recover only the last few traced transactions,” the source said.
Meanwhile, Shemeer Khan P A, an inspector with the cyber police, said it is illogical to compare the money lost and recovered in cyber fraud cases.
“Once we are alerted of a cyber fraud, we immediately initiate action to freeze the bank accounts connected to the transactions. In a majority of the cases, the money recovered through such freezing is the only recovery made,” Shemeer said. Kochi City Police Commissioner Putta Vimaladitya said delays in reporting cyber frauds often reduce the chances of recovering lost money.
“If victims report fraud immediately to the national cybercrime helpline (1930), swift action can be taken to freeze the accounts involved, increasing the chances of recovery. But many people hesitate to file a complaint, remain unsure of fraud, or report the incident too late,” commissioner said.
In the recent `25-crore cyber fraud case, the complainant initially hoped the scammers would return the money and hence delayed filing a formal complaint, a source said.
South Range IG S Syamsundar, a former Kochi City police commissioner, noted that while the number of cases registered may have declined, the quantum of financial loss from such crimes has been increasing.
“In most cyber frauds, the pattern is the same — fraudsters route money through around 100 to 500 mule accounts under their control, transferring and withdrawing it in cash within minutes. While some account holders are unaware their accounts are misused, others rent them out for small commissions,” he said.
Elderly people are soft target
A major share of the cyber fraud victims are elderly citizens, including retired professionals, businessmen, and officials who once held senior positions. Many of them possess substantial savings from pensions, provident funds, and stock returns, making them prime targets for fraudsters, according to a police officer. Speaking on condition of anonymity, the cyber expert noted that most elderly victims are highly educated and digitally literate, yet they fall prey because of negligence. “Some are trapped by fear or emotional manipulation.
Others are often lured by promises of eye-popping returns or offers,” he said. The officer said in roughly 50% of cases, the money lost was neither earned through the victims’ own hard work nor held through formal financial channels. “A majority of such victims are not comfortable with lodging a complaint, either out of shame or doubts of further probe into the source of money,” he said.
Alarming numbers 2025 (till September 15)
Money lost to online fraud: D12.67 crore
Money lost to trading scams: D49.41 crore
Others: D4.15 crore
Total money lost: D66.23 crore
Total money recovered: D4.18 crore
2024
Money lost to online fraud: D35.67 crore
Money lost to trading scams: D41.82 crore
Others: D4.78 crore
Total money lost: D82.26 crore
Total money recovered: D5.21 crore
2023
Money lost to online fraud: D5.57 crore
Money lost to trading scams: D7,07 crore
Others: D4.2 crore
Total amount lost: D16.85 crore
Total amount
recovered: D4.79 crore
(Source: Kochi city police)
