Andhra Pradesh Chief Minister N. Chandrababu Naidu has instructed officials to develop strategies to tackle cyber and financial crimes. He highlighted the importance of technologies like “Golden hour fund recovery” to recover funds lost in such crimes. The Chief Minister conducted a review meeting to discuss immediate response mechanisms and regulatory frameworks for addressing cybercrimes in the state.
He stressed the need for banks to prevent cyber and financial crimes and suggested consulting with the Reserve Bank of India. CM Naidu also raised concerns about the rise of shell companies and urged officials to investigate such incidents thoroughly. He directed various departments to collaborate in formulating guidelines to combat online financial fraud and safeguard the interests of account holders.
Naidu emphasized the significance of focusing on “Golden hour fund recovery” and called for technological advancements in this area. He recommended studying technologies at national and international levels to combat cybercrimes effectively. The Chief Minister advised banks to monitor large-value financial transactions during weekends and explore tools like “Mule Account Hunter AI” to identify fraudulent accounts.
DGP Harish Kumar Gupta reported that a toll-free number in Andhra Pradesh received numerous complaints about cyber and financial crimes. Victims in the state have lost a substantial amount to these offenses. The CID Cyber Crime Wing, in collaboration with banks, has prevented a significant sum from reaching cyber criminals. Various types of financial scams, including phishing and online loan frauds, have led to financial losses for victims.
IT Secretary Katamneni Bhaskar informed the Chief Minister about data protection efforts through the Cyber Security Operations Centre. The review meeting was attended by senior officials from the Reserve Bank, Home Ministry, CID, and other banks, where discussions centered on combating cyber and financial crimes effectively.
