New Delhi, Oct. 27 -- Earlier this month, a 72-year-old businessman from Mumbai was defrauded of Rs.58 crore in a 'digital arrest' con that siphoned the money off into 6,500 bank accounts. Meanwhile, a state legislator in Andhra Pradesh lost over Rs.1 crore to callers posing as cyber-crime officials. Some men have fallen for the promise of attractive returns in share trading. For instance, a 60-year-old man in Thane lost Rs.64 lakh and another in Hyderabad lost Rs.12.5 lakh to an online share trading scam over Whatsapp calls.

Such incidents have become almost routine today, leading the Supreme Court to ask the Centre and the CBI how they plan to curb such scams.

Reserve Bank of India (RBI) data shows that bank frauds surged to Rs.36,014...