Hyderabad: Financial crimes are on the rise in Telangana, leaving victims devastated and authorities struggling to keep up. Cyber frauds, real estate scams, and financial cons have led to staggering losses of Over Rs 8000 crores this year alone, raising alarms among authorities and citizens, data has revealed.
Despite efforts by law enforcement, recovery remains slow, underscoring the urgent need for public awareness and collective action to combat these escalating threats.
Cyber Crimes Soar
A 74-year-old retired employee from Medinaguda fell victim to a fraudulent stock market scheme, losing Rs 13.16 crores. The fraudsters posed as investors offering guaranteed profits.
In another shocking case, a Bitcoin scam allegedly involving government employees from Nirmal district defrauded investors of Rs 50 crores. Authorities revealed that the funds were transferred to China, leaving recovery efforts grim.
Cybercriminals have reportedly looted Rs 1,600 crores statewide in 2024, yet police have managed to recover only Rs 100 crores. "The pace of recovery is slow, but we are ramping up efforts to trace the culprits," a senior police official stated.
Real Estate Dreams Shattered
Real estate fraud is also wreaking havoc, with middle-class families losing Rs 5,000 crores to fraudulent schemes. Scams like the Sahitya Infra case have left many homebuyers stranded, as they face delays in recovery due to legal challenges, including asset auctions and lengthy investigations.
Financial Fraud Targeting The Middle Class
Financial frauds, often promising high returns with low risk, have caused losses of up to Rs 2,000 crores this year. These scams typically target the middle class, exploiting their aspirations for financial growth. Once the funds are lost, victims are left with no recourse, as the perpetrators escape without consequence.
Challenges In Recovery
The recovery process remains tedious. Proving fraud and compensating victims takes time. Authorities said that the legal complexities involved in these cases often lead to prolonged investigations. Fraudulent schemes, especially in sectors like real estate and financial investments, require thorough documentation and substantial evidence to be brought to court.
Need For Public Awareness and Vigilance
With financial crimes escalating, authorities stress the importance of public awareness and vigilance. Prevention remains the most effective defence, as recovering stolen money is often an impossible task. Citizens are urged to carefully research investment opportunities, verify the legitimacy of real estate offers, and report any suspicious activity to authorities promptly. Only through collective effort can this growing menace be curbed.
