Andhra CM Naidu Unveils Action Plan to Combat Cyber and Financial Crimes

He instructed police and banking officials to focus on "Golden hour fund recovery" technologies to retrieve funds lost by victims through such crimes.

On Wednesday, the Chief Minister conducted a review meeting at the Secretariat regarding immediate response mechanisms and the regulatory framework for dealing with cybercrimes in Andhra Pradesh.

According to an official release, the review covered various topics, including measures to prevent cyber criminals involved in financial crimes from utilising third-party bank accounts, 'Golden hour fund recovery', and the AP Cyber Policy.

He emphasised that banks must take appropriate measures to prevent the occurrence of cyber and financial crimes within the state.

The Chief Minister suggested that the Reserve Bank of India be consulted in this regard. The CM also offered specific suggestions concerning the prevalence of large-scale investment fraud within the realm of financial and cybercrimes.

He noted that some individuals are establishing "shell companies" without undergoing proper authentication processes-such as Aadhaar verification and KYC compliance-and directed officials to conduct a thorough study into such incidents.

The Chief Minister directed bankers, the Police Department, APTS, and the Finance Department to work in coordination to formulate a set of guidelines regarding online financial fraud. He suggested examining the feasibility of flagging suspicious "mule" bank accounts.

The Chief Minister further instructed that measures be taken to safeguard the interests of account holders in cases involving cyber and financial crimes.

Noting that millions of financial transactions are being processed within seconds through UPI payments, the Chief Minister emphasised the need to place greater focus on the concept of "Golden hour fund recovery."

CM Naidu expressed the view that further technological innovations are required in this specific area. He directed APTS to play a pivotal role in curbing cybercrimes and suggested that they study relevant technologies at both national and international levels. He instructed all banks to pay close attention to large-value financial transactions occurring during weekends.

He also suggested consulting with the Reserve Bank of India regarding the modification of certain regulations. The CM advised utilising tools such as the "Mule Account Hunter AI" introduced by the Reserve Bank to identify fraudulent accounts.

He directed officials to study best practices adopted in other states, including Haryana and Maharashtra, and to formulate a concrete action plan based on those findings.

DGP Harish Kumar Gupta explained that the 1930 toll-free number has received 9.29 lakh complaints from victims regarding cyber and financial crimes in Andhra Pradesh. He stated that victims in the state have lost a total of Rs 652 crore to date as a result of falling prey to cyber and financial offences.

He clarified that the CID Cyber Crime Wing-working in collaboration with bankers-was able to prevent over Rs 116 crore from reaching cyber criminals. Officials noted that victims are losing money through various schemes, including phishing, vishing, credit and debit card fraud, online loan scams, and "digital arrest" scams.

The DGP explained to the Chief Minister that the CID Cyber Crime Investigation Unit is operating at the state level to curb cyber and financial crimes, and that dedicated cyber police stations have been established in Vijayawada, Visakhapatnam, and Tirupati.

IT Secretary Katamneni Bhaskar apprised the Chief Minister that data is being safeguarded in AP through the Cyber Security Operations Centre.

Finance Minister Payyavula Keshav, Home Minister Anita, DGP Harish Kumar Gupta, Home Secretary Kumar Viswajit, CID Chief Ravi Shankar Ayyanar, AP Forensics Advisor KPC Gandhi, and senior officials from the Reserve Bank and various other banks attended this review meeting.

- IANS