
Cyber frauds from Southeast Asia cost Indians Rs 1,500 crore monthly: I4C report
These frauds are primarily linked to organised networks allegedly managed by Chinese operators and have cost people in India up to ₹1,500 crore per month, sources said on Sunday.
According to I4C data for the first half of 2025 (January to June), India has suffered online financial losses amounting to approximately ₹8,500 crore. Alarmingly, more than half of these losses are tied to cybercrime operations based in Southeast Asian nations.
On average, the data revealed that monthly cyber fraud-related losses to Indians in 2025 range between ₹1,300 crore and ₹1,500 crore.
However, the data for 2025 marks a noticeable decline compared to 2024, when the monthly average stood at around ₹2,200 crore. Sources said this decline is attributed to improved surveillance, international cooperation, and public awareness campaigns by the I4C.
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Indian Express
19 minutes ago
- Indian Express
‘Purchased' honorary titles, international web of shell firms: How Ghaziabad conman operated fake embassy for 9 yrs
A pristine white bungalow, four flashy sedans with blue and white diplomatic number plates parked in the driveway, national flags from across the world and a man posing as an 'ambassador'. When Uttar Pradesh Police's Special Task Force (STF) raided the 'Embassy of Westarctica' in Ghaziabad's upscale Kavi Nagar neighbourhood earlier this week, they came across an elaborate con job. Far from an an ordinary swindler, Harsh Vardhan Jain, the accused, had been running a fake embassy of a country that doesn't exist, without raising any suspicion for the last nine years. Jain had planned every detail meticulously to build this façade, according to the police. He had allegedly printed fake press cards, doctored photos with top dignitaries and even 'purchased' honorary titles from self-proclaimed micronations. The preliminary investigation, police say, has revealed that Jain was running a multi-nation scam. 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After a few years in London and Dubai, Jain allegedly returned to India in 2011 and began projecting himself as a diplomat. Police say he leveraged honorary titles from unrecognised micronations — Seborga, Westarctica, and Lodonia — to set up a fake embassy in his Ghaziabad home. He had also been posing as the ambassador of a fictional nation called Poulvia. When STF officers entered the Kavi Nagar bungalow on July 22, they found what appeared to be a diplomatic mission: cars with blue number plates bearing phrases like 'Honorary Consul – Baron Westarctica', flags of different nations on the property, and signages that were creating the illusion of official legitimacy. 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In a detailed response to questions asked by The Indian Express, Ladonia's Press Officer, Julia Andersson, said Jain became a 'symbolic citizen' on November 12, 2016, and had 'purchased' an honorary barony title. The micronation alleged that in November 2017, Jain had forged a certificate falsely claiming to be Ladonia's Ambassador to India, backdating it to September 15, 2016, in an attempt to predate the symbolic appointment of another Indian individual and had been 'harrassing' its officials by spamming them with texts and mails requesting for Ladonian paraphernalia, a request that was denied by the micronation. According to STF and police officials, Jain's network spanned multiple countries. He alleegdly maintained 11 bank accounts in the UK, UAE, Mauritius, and India; set up shell firms like Island General Trading Co. LLC (Dubai), East India Company UK Ltd and State Trading Corporation Ltd (UK); claimed to help clients get international contracts or jobs abroad; charged hefty 'brokerage'and used these fake diplomatic affiliations that he had purchased to appear credible enough to seek business clients. Police sources said that he made over 30 trips to the UAE alone and visited over 40 countries in the past decade to build a globe-trotting con operation. Police are currently trying to determine the number of people defrauded. An FIR (No. 671/2025) has been registered at Kavi Nagar police station under sections 318(4), 336(3), 338, and 340(2) of the Bharatiya Nyaya Sanhita, relating to forgery, impersonation, and cheating. Jain was remanded to judicial custody on July 23, where the STF seeked custodial remand to trace the full extent of his hawala network. Officials also said that the Income Tax Department would be informed about the seized cash and foreign currency. Further investigation is on into his multiple PAN cards, international accounts, and fake documentation.


News18
an hour ago
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Hindustan Times
an hour ago
- Hindustan Times
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