SC terms siphoning of over ₹54,000 cr by digital fraud ‘dacoity’, asks Centre to frame SoP
GS3Economy · S&T · Environment · Security· Monetary policy, RBI & banking· Prelims + Mains·
Why in news
The Supreme Court expressed concern over a ₹54,000 crore loss due to digital fraud and directed the Centre to frame a Standard Operating Procedure (SOP) with the RBI and Department of Telecommunications.
Background
The Supreme Court noted losses exceeding ₹54,000 crore from digital fraud. It directed the Centre to collaborate with the RBI, banks, and the Department of Telecommunications (DoT) to create a framework for compensation in digital arrest cases.
Facts for Prelims
- FactEstimated losses from digital fraud: over ₹54,000 crore
- BodyDepartment of Telecommunications (DoT): Ministry responsible for telecom infrastructure and regulations
- PostCBI: Directed to identify digital arrest cases and seek state sanctions for investigations
For Mains
Q. Discuss the institutional and regulatory challenges in curbing large-scale digital fraud and 'digital arrest' scams in India's evolving fintech ecosystem.
Dimensions to cover in your answer
- Regulatory gap: Lack of a unified inter-agency SOP between RBI, DoT, and banking institutions
- Enforcement bottleneck: Procedural delays in obtaining state-level sanctions for CBI investigations into cyber-crimes
- Victim redressal: Absence of a standardized framework for immediate compensation in digital arrest cases
Keywords: Digital Fraud · Standard Operating Procedure · Cybersecurity · Financial Inclusion · Regulatory Framework · Digital Arrest
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