Hyderabad, 10 July
Hyderabad loses Rs 1 crore daily to cyber frauds, Hyderabad Commissioner of Police V.C. Sajjanar revealed on Friday, highlighting the alarming rise in online financial crimes across the city. Speaking at the National Round Table on Digital Trust & Citizen Protection, Sajjanar urged citizens to report cyber frauds immediately and called for stronger coordination between banks, telecom operators, regulators, and law enforcement agencies to curb the growing menace.
The event was organised by the Federation of Telangana Chambers of Commerce and Industry (FTCCI) in association with Hyderabad City Police and Protiviti India, bringing together experts from multiple sectors to discuss ways to protect citizens from digital fraud.
Hyderabad Loses Rs 1 Crore Daily to Cyber Frauds: Sajjanar Raises Alarm
The Hyderabad loses Rs 1 crore daily to cyber frauds revelation underscores the scale of cybercrime affecting thousands of residents every year. Addressing the gathering, Sajjanar said cybercriminals are becoming increasingly organised and are exploiting weaknesses in banking and telecom systems to target innocent people.
He explained that mule bank accounts and ghost SIM cards form the backbone of most cybercrime networks. These fake or illegally obtained accounts allow fraudsters to receive stolen money and disappear without leaving a trace.
Sajjanar stressed that eliminating mule accounts and ghost SIM cards should become a shared responsibility of banks, telecom companies, regulatory authorities, and police agencies.
Banks Urged to Eliminate Mule Accounts
During his address, Sajjanar said India should strive to reach a stage where financial institutions can confidently display a board reading, “This Bank Has No Mule Accounts.”
The Hyderabad loses Rs 1 crore daily to cyber frauds statement also served as a reminder that financial institutions play a crucial role in preventing digital fraud. He called upon banks to strengthen customer verification systems and closely monitor suspicious transactions to prevent criminals from misusing banking services.
According to the Commissioner, coordinated efforts between financial institutions and law enforcement agencies can significantly reduce cyber fraud cases.
Report Fraud Immediately by Calling 1930
The Hyderabad loses Rs 1 crore daily to cyber frauds warning was accompanied by an appeal to citizens to report cybercrimes without delay.
Sajjanar urged people to remember the National Cyber Crime Helpline – 1930, describing it as the “golden hour” helpline for victims of online fraud.
He explained that individuals who report fraudulent transactions immediately have a much better chance of getting their money frozen before it is transferred through multiple accounts. Quick reporting also increases the possibility of recovering lost funds.
The Commissioner advised people not to ignore suspicious calls, fake investment schemes, phishing links, or requests for confidential banking information.
Experts Discuss Emerging Digital Threats
The round table was held under the theme “Protecting Citizens from Fear-Driven and Greed-Driven Digital Frauds.” More than 200 participants attended the event, including senior police officials, bankers, cybersecurity experts, legal professionals, government representatives, and industry leaders.
The Hyderabad loses Rs 1 crore daily to cyber frauds issue was discussed alongside several emerging challenges in digital security.
Experts deliberated on a wide range of topics, including:
- Rising cyber fraud trends
- Banking and financial risks
- Telecom-related scams
- Artificial Intelligence (AI)-enabled frauds
- Deepfake technology
- Digital identity theft
- Legal challenges in tackling cybercrime
Participants emphasised the need for greater public awareness, stronger cybersecurity infrastructure, and continuous collaboration between public and private sectors.
Public Awareness Key to Fighting Cybercrime
The Hyderabad loses Rs 1 crore daily to cyber frauds disclosure highlights the urgent need for citizens to stay vigilant while using digital platforms. Officials advised people to avoid sharing OTPs, passwords, bank account details, or personal information with unknown callers or websites.
With cybercriminals constantly adopting new methods, authorities believe public awareness remains one of the strongest tools in preventing online fraud. Hyderabad Police have reiterated that immediate reporting through 1930 and the National Cyber Crime Portal can significantly improve the chances of recovering stolen money.
As digital transactions continue to grow across India, officials stressed that collective efforts by citizens, banks, telecom providers, technology companies, and law enforcement agencies are essential to building a safer digital ecosystem.