Precautions Against Financial Fraud: RBI Reports ₹36,014 Crore Lost in FY 2023–24

RBI’s Sachet portal is slowly becoming a safety net for people cheated by fake loans and investment traps. Still, not enough people know how to use it the right way.

Every few days someone talks about losing savings to a fake loan app. It’s happening more now than ever. The RBI Annual Report for FY 2023–24 says financial frauds shot up to ₹36,014 crore, almost triple what it was the year before. The number of cases fell, but the money lost went up. That means each fraud is getting bigger.

Many victims said they didn’t even know where to complain. That’s why the Sachet Portal has started getting attention. It’s one place to report scams, fake lenders, or unregistered deposit schemes. Easy to say, but most still don’t use it early.

What Is the Sachet Portal and Why It Exists

The Sachet Portal was started by the Reserve Bank of India in 2016. Its job is simple, let citizens complain against unapproved financial firms and make sure the case reaches the right regulator. The complaint is moved through the State Level Coordination Committee (SLCC), which links RBI, SEBI, IRDAI, and state bodies.

Every complaint gets a reference number and SMS updates. Around 2,000 complaints are sent every month, as per data shared in the RBI’s 2024 report. The site also supports 13 Indian languages. Feels like a system that should have come much earlier.
 

This table is part of what people usually miss. Knowing the right regulator helps the complaint move faster.

Precautions Against Financial Fraud Everyone Should Know

According to a LoansJagat article, always check if a lender’s name shows up on the Sachet Portal before paying anything. Many ignore that and get trapped. These small habits can stop big losses.

So, if a message or loan offer looks too good, pause. Verify the company. Keep copies of chats, screenshots, and receipts. These small proofs help when you file a complaint.
 

These steps are part of the Sachet portal fraud complaint process. They’re not hard, just not followed often. That’s how we see it anyway.

In 2013, after the Saradha chit fund case, the government started working on a shared reporting system. The Sachet portal came out of that push. When fake loan apps flooded phones in 2021, RBI warned users again and later joined hands with the cybercrime portal.

What the RBI and Banks Are Doing Now

The Finance Ministry and RBI have started public drives again. They’re asking banks to share Sachet links on loan pages. Some payment apps have added fraud alert banners. Small, quiet changes, but they help.

Experts believe better linking between Sachet and Cybercrime portals can speed up account freezes. That’s something regulators are still testing. For now, the advice is simple, act fast and keep your proofs ready.

Conclusion 

Precautions against financial fraud start with awareness. People must know how to report financial frauds and the right steps to report RBI frauds before the money disappears. The Sachet Portal is the safest route to report financial scams to RBI and begin action.

Scams may not stop soon, but reporting them early makes a difference. So if you see a fake loan link or a scheme promising double returns, don’t ignore it. Visit sachet.rbi.org.in and file it. It may feel like paperwork, but it’s the only way to turn awareness into protection.

 

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About the Author

LoansJagat Team

‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.