Context: The Union Ministry of Finance informed Parliament that Haryana recorded the third-highest number of financial fraud cases in India over the past three financial years, after Maharashtra and Delhi.
About Financial Fraud Cases in India:
What It Is?
- Financial fraud refers to the deliberate use of deception, manipulation, or unauthorized transactions to illegally obtain money or financial assets through banking systems, digital payments, UPI, credit/debit cards, loans, or other financial instruments.
Key Findings:
- Haryana ranked 3rd in financial fraud cases, reporting 84,378 cases involving ₹1,336.40 crore during FY 2023–24 to FY 2025–26.
- Maharashtra recorded the highest fraud value (₹1.20 lakh crore), followed by Delhi, while Tamil Nadu ranked fourth and Uttar Pradesh fifth.
- Haryana restored funds in 38% of cyber fraud cases through the I4C Money Restoration Module, far above the national average of 8%.
- The Indian Cyber Crime Coordination Centre (I4C) and the National Cyber Crime Reporting Portal continue to strengthen reporting, investigation, and recovery of cyber-enabled financial frauds.
- Haryana achieved a 97% disposal rate on the Samanvaya Portal and implemented the e-Zero FIR system for cyber fraud complaints above ₹1 lakh.
Significance:
- Highlights the need for robust cyber policing, faster fraud reporting, and secure digital payment ecosystems.
- Effective recovery mechanisms and coordinated enforcement improve confidence in digital banking and financial inclusion.
Relevance in UPSC Exam Syllabus:
GS Paper III – Economy & Internal Security
- Banking, Digital Payments & Financial Inclusion
- Cyber Security and Cyber Crime
- Digital Governance and FinTech Regulation
