Dismissing the Congress claims that people have lost Rs 6.36 lakh crore due to digital frauds, government sources said losses due to such frauds were only Rs 733 crore between April 2014 and December 2024.
A post by the Congress (@INCIndia) on X dated June 1, 2025, alleged that the Modi government failed in saving people’s hard-earned money by questioning the government’s handling of digital banking security. Congress is “indulging in misrepresentation” of facts by conflating specific digital payment frauds with the much broader category of total banking frauds, the government sources said.
The X post specifically highlights issues within digital banking payments at the start, before shifting the narrative quickly, implying vastly inflated figures, potentially drawing from statistics related to all types of banking frauds to create a sense of alarm, sources said.
Total banking fraud is a comprehensive category encompassing various types of illicit activities, including issues related to advances, deposits, off-balance sheet items, foreign exchange transactions, cash handling, cheques, inter-branch accounts, etc. Frauds related to ‘Card/Internet’ or digital payments constitute only one specific subset within this larger category of fraud. ‘Card/Internet’ basically pertains to the digital frauds, in simple terms.
Sources said the total number of digital payment frauds was 63,315 cases, as reported by banks and financial institutions between 2014-15 and December 2024.
These official figures paint a very different picture compared to the Congress’ wrong narrative, they said, adding such large figures typically represent the cumulative losses across all categories of banking fraud over several years, not just the digital segment.
Congress is maliciously inflating figures to create panic. Their baseless claim that banking frauds involve lakhs of crores is blatantly untrue and deliberately misleading, the sources added.