The Supreme Court on Monday termed the siphoning of over ₹54,000 crore through digital frauds as “robbery or dacoity” and directed the Centre to frame a standard operating procedure (SOP) to effectively tackle such crimes.
A bench led by Chief Justice of India Surya Kant said the amount lost to cyber fraud exceeds the annual budgets of several small states, underscoring the gravity of the issue. The court asked the Centre to prepare the SOP in consultation with the Reserve Bank of India (RBI), banks and the Department of Telecommunications (DoT).
The bench noted that digital frauds may involve either negligence or collusion by bank officials, stressing the need for swift and coordinated action by regulators and financial institutions. It directed the Ministry of Home Affairs to examine existing SOPs of the RBI and DoT and draft a framework, including a memorandum of understanding, within four weeks.
The court also asked the CBI to identify digital arrest cases and directed state governments to grant sanction for investigation. Further, it called for a joint meeting of the RBI, DoT and other agencies to evolve a compensation framework for victims, adopting a pragmatic and liberal approach.
SC Raps Digital Fraud, Seeks SOP to Curb ₹54,000 Cr Loss
