J&K sees rise in financial frauds; records scams worth Rs 193.49 crore during 2025-26

Srinagar:Jammu and Kashmir has recorded 103 financial fraud cases totalling Rs 193.49 crore during the 2025-26 financial year, with a recovery of Rs 6.92 crore, according to data shared by the Union Ministry of Finance in the Lok Sabha.

The information was furnished by the Ministry of Finance in the Lok Sabha in response to an Unstarred Question, based on statistics compiled by the Reserve Bank of India (RBI).

The data reveals that a total of 103 bank fraud cases were reported from the Union Territory during the year under review. The figures point to a contrasting trend over the last three financial years. While the number of fraud cases has consistently declined, the monetary value involved has risen significantly.

Jammu and Kashmir recorded 467 fraud cases involving Rs 47.55 crore in 2023-24. In the financial year 2024-25, the number of cases dropped to 298, though the amount involved increased to Rs 81.27 crore.

In 2025-26, the cases further declined to 103, but the fraud amount more than doubled to Rs 193.49 crore.

The recovery rate, however, remained modest throughout the period.

Banks recovered Rs 3.23 crore during 2023-24, Rs 2.65 crore in 2024-25 and Rs 6.92 crore in 2025-26, leaving the overwhelming majority of the defrauded amount unrecovered.

The RBI data also included figures for Ladakh, where eight fraud cases were reported in 2025-26.

No financial amount was shown against these cases, and no recoveries were reported.

In comparison, Ladakh had registered 18 fraud cases involving Rs 0.07 crore in 2023-24 and 13 cases worth Rs 0.03 crore in 2024-25.

The Central government informed the Lok Sabha that the statistics relate to frauds reported by Scheduled Commercial Banks, excluding Regional Rural Banks and All India Financial Institutions.

The government also clarified that the RBI does not maintain records regarding funds frozen or refunded to victims of such frauds.

IANS