Mumbai Witnesses Surge in White Collar Crimes: 65 Cases in First Half of 2025
India’s financial capital, Mumbai, has seen a significant rise in white collar crimes, with an average of two cases every week during the first half of 2025. The Economic Offences Wing (EOW) of the Mumbai Police registered 65 financial crimes in this period, almost double the 38 cases recorded in the same period last year.
The EOW investigates complex white collar crimes, including general cheating, fraud in banking and medical fields, job racketeering, shares, and bogus stamp cases. The jurisdiction of the Mumbai Police covers 12 zones in Mumbai city and the Mumbai suburban district areas.
One of the most notable cases this year involved the embezzlement of ₹122 crore at the New India Cooperative Bank. An inspection by the Reserve Bank of India (RBI) revealed that this amount was missing from the bank's safe. Hitesh Mehta, the General Manager and Head of Accounts at the bank, was subsequently arrested by the EOW. The investigation led to the attachment of 21 properties believed to be linked to the proceeds of the crime. These properties, associated with five accused individuals, are collectively valued at ₹167.5 crore.
The total value of properties attached in connection with the 65 financial crimes recorded till the end of June stood at a massive ₹14,814 crore.
Cybercrimes have also seen a significant rise, mirroring the rapid evolution of technology. By the end of June, Mumbai had reported 2,188 cases of cybercrimes, including phishing attacks, credit card or online fraud, job fraud, and digital arrest. The majority of these cybercrimes involve various forms of cheating, with share market investment scams accounting for one-fifth (21%) of the total cybercrime cases in the first half of the year.
In July, Maharashtra Chief Minister Devendra Fadnavis addressed the Legislative Council, stating that in Mumbai, 2.71 lakh investors were duped of ₹2,95,451 crore in the last 10 years. Mumbai also topped the list of financial frauds reported in 2024. According to the National Cyber Crime Reporting portal, there were 58,157 cases from Maharashtra in 2024 involving financial fraud of ₹1,186.46 crore, with 31,583 cases from Mumbai, 13,971 from Pune, and 12,582 from Thane.
Market regulator Securities and Exchange Board of India (SEBI) has intensified its efforts to combat fraudulent financial activities. In March, SEBI announced that it had taken down over 70,000 misleading investment handles and social media posts since October 2024. Additionally, SEBI introduced the Unified Payments Interface (UPI) verification mechanism in June, which will be effective from October 1, 2025. The regulator is also working with Apple App Store and Android Play Store to ensure that only valid applications of intermediaries are available on smartphone application stores, as stated by SEBI Chairman Tuhin Kanta Pandey.
These measures are crucial in addressing the growing threat of financial and cybercrimes, ensuring the safety and security of investors and the broader financial ecosystem in Mumbai and beyond.
