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Mumbai’s crime profile has shifted sharply in recent years. Once known primarily for murders, underworld gang wars and high-profile violent crime, the city is now seeing a steady rise in complex financial offences from fake investment schemes to large-scale financial fraud.
Data from the Mumbai Police’s Economic Offences Wing (EOW) show that between January 1 and September 30, 2025, the value of assets involved in EOW-registered cases reached approx. ₹15,709 crore. The figure marks one of the largest aggregates recorded by the wing in recent years.
The EOW registered 91 financial-fraud cases from January through September 2025, up from 62 in the same period of 2024 and 46 in 2023. The total value of fraud reported in 2024 for the January–September window was about ₹311 crore; in 2023 it was roughly ₹199 crore.
In addition, the EOW logged 16 new cases, double the eight filed in August, and disposed of an equal number of matters the same month, underlining the unit’s stepped-up investigative efforts. Officials also highlight that the EOW has maintained a 100 per cent detection rate even as case numbers rose. “A new wave of schemes is targeting ordinary citizens, investors and businesses,” a senior EOW official said. “Perpetrators are exploiting digital payments, online investment platforms and financial apps. Their methods are evolving, and so must our response.”
The rise in economic offences prompted the reactivation of the Economic Intelligence Unit (EIU) on April 16, 2025, after five years of dormancy. The EIU has since logged complaints from multiple channels and flagged suspected frauds before they could materialise.
Between April and October 2025, the unit received 83 complaints; some led to FIRs, while lower-value matters (under ₹10 crore) were handed to local police stations for probe.
According to sources, 34 were closed after investigation and three remain under scrutiny. The EIU also used open-source leads, including social media. So far the EIU has registered FIRs in three matters, one of which has been transferred to the West Cyber Cell. The EOW is also probing a ₹14-crore scam linked to an app called “Close Friend Investment” and another case involving alleged fraud at Gujarat-based Ojasvi Company. In addition, 39 email complaints tied to cyber offences were forwarded to local police for investigation. Following detection of suspicious activity linked to the “Costa Savings” app, the EIU issued a public advisory warning citizens to exercise caution. A similar advisory for the “Close Friend” app is being finalised.
The EOW has urged the public to remain vigilant and report any suspicious financial solicitations or transactions immediately. Citizens are advised to check credentials, avoid sharing banking details or OTPs, and report dubious investment offers to the nearest police station or the EOW hotline. VC
