Bhubaneswar: Odisha has reported losses of Rs 1,442.5 crore due to cyber financial frauds over the past three financial years, but authorities have managed to recover only Rs 23.59 crore, accounting for a mere 1.6% of the total amount. During this period, a total of 4,876 bank fraud cases were reported in the state, according to information provided by Minister of State in the Ministry of Finance, Pankaj Chaudhary, in the Rajya Sabha on Tuesday.
In a written reply to a question by BJD Rajya Sabha member Manas Ranjan Mangaraj, Chaudhary provided a year-wise breakdown of bank frauds in Odisha. In the financial year 2022–23, 1,594 cases were reported, involving Rs 255.35 crore, of which Rs 10.16 crore was recovered. The following year, 2023–24, saw 2,363 cases involving Rs 1,155.68 crore, while only Rs 4.57 crore could be recovered. In 2024–25, 919 cases were reported, involving Rs 31.47 crore, and Rs 8.86 crore was recovered. These figures are based on data provided by the Reserve Bank of India (RBI).
Minister Chaudhary also highlighted the measures taken by the Government and the RBI to prevent and mitigate bank frauds. One key initiative is the Central Fraud Registry, an online searchable database of frauds reported by banks, designed to enable timely identification and control of fraud risks.
Under the Public Sector Bank Reforms Agenda, automated Early Warning Systems (EWS) have been implemented across public sector banks. With around 80 triggers and the use of third-party data, these systems help detect stress in borrowing accounts early, preventing slippage into non-performing assets (NPAs).
The Fugitive Economic Offenders Act has been enacted to deter economic offenders from evading Indian law by remaining outside the country’s jurisdiction. Additionally, several initiatives have been launched to raise awareness among customers, including SMS alerts, radio campaigns, social media advisories from the Indian Cybercrime Coordination Centre (I4C), and electronic-banking awareness and training programmes (e-BAAT) conducted by the RBI.
The I4C has also operationalised the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) portal, enabling immediate reporting of financial frauds and helping prevent the siphoning of funds by fraudsters. The Cyber Fraud Mitigation Centre (CFMC) has been set up with representatives from banks, financial intermediaries, payment aggregators, telecom operators, IT intermediaries, and law enforcement agencies to ensure rapid and coordinated action against online financial crimes.
Furthermore, the National Cyber Forensic Laboratory has been established to provide advanced forensic support in cybercrime investigations, leveraging the latest digital technology to assist law enforcement agencies in tackling complex fraud cases.
Despite these measures, the extremely low recovery rate of just 1.6% underscores the severity of the cyber financial fraud problem in Odisha.
