Mumbai Investors Lost ₹2.95 Lakh Crore to Fraud in a Decade: CM Devendra Fadnavis

Maharashtra is facing an alarming rise in financial fraud, with both traditional investment scams and cybercrime contributing to massive monetary losses. In a written reply to the state legislative council, Chief Minister Devendra Fadnavis disclosed shocking data indicating how widespread and damaging these frauds have been over the last 10 years. The figures point to a severe need for increased vigilance, robust financial oversight, and enhanced cybersecurity infrastructure across the state.

Mumbai Leads in Investor Fraud Cases

Mumbai alone has recorded an enormous amount of investor fraud. “In Mumbai, the Economic Offence Wing (of the Mumbai Police) reported that 2.71 lakh investors were duped of ₹2,95,451 crore in the last 10 years,” stated Fadnavis in his official reply. He further added that nearly 1.05 crore investors across the rest of Maharashtra, excluding Mumbai, were swindled out of ₹22,552 crore during the same period.

This highlights a growing concern around dubious investment schemes and Ponzi operations that have flourished, especially in urban centres like Mumbai.

Cybercrime Emerges as a Major Financial Threat

Between 2016 and 2025, Maharashtra registered 46,321 cybercrime cases related to financial fraud, amounting to losses of ₹11,033.97 crore. In 2024 alone, the National Cyber Crime Reporting Portal recorded 58,157 cases from Maharashtra involving financial fraud worth ₹1,186.46 crore.  Of these, 31,583 cases were from Mumbai, 13,971 from Pune, and 12,582 from Thane.

Fadnavis informed that 50 cyber police stations are currently operational in the state. As a preventive step, Mumbai Police and various police units have also formed a Financial Intelligence Unit to gather intelligence on fraudulent financial schemes.

Read More: ₹7.14 Crore Refunded in Just 2 Months: E-commerce Tops Complaints at National Consumer Helpline!

Conclusion

The numbers presented by Chief Minister Fadnavis expose the depth of financial fraud affecting lakhs of people in Maharashtra. With investor scams and cybercrimes reaching alarming levels, the government’s initiatives such as specialized cyber police stations and intelligence units are vital to safeguarding citizens from further exploitation. Effective enforcement and early detection remain key to reversing this dangerous trend.

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