Cyber thieves robbed this bank, took away Rs 7.79 crore in the blink of an eye.
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In spite of the clever arrangement of the Reserve Bank and other Indian banks, success has not been achieved so far in stopping cyber fraud. While banks across the country are busy processing the return of Rs 2000 notes, a shocking case of cyber criminals duping Kangra Cooperative Bank has come to the fore.
According to the complaint filed by the bank with the police, Rs 7.79 crore has been withdrawn from the current account of the Kangra Cooperative Bank with the Reserve Bank of India in a cyber fraud. This fraud has been done in three different transactions during three consecutive days. For the first time on April 19, 2023, the amount was withdrawn from the account of Kangra Cooperative Bank.
Since the bank’s financials are monitored by the RBI and the current account is also with the regulator. In such a situation, the top officials are in the dark about this fraud. The officials have not been able to ascertain from whom the money was withdrawn. However, Kangra Bank officials said that they can identify the accounts in which the amount has been transferred.
Kangra Bank Senior Manager (IT) Sahdev Sangwan has complained to Delhi Police based on which an FIR was registered in the first week of May and investigation is underway. Sangwan has said in his complaint that Kangra Bank maintains a current account with RBI for banking transactions like Real Time Gross Settlement (RTGS), National Automated Clearing House (NACH), National Electronic Fund Transfer, Check Truncated System for its customers. .
As per the procedure followed by Kangra Bank and RBI, the bank has issued a standing instruction to the regulator to transfer Rs 4 crore everyday from current account to a settlement account to enable it to offer RTGS and NACH transactions to its customers . At the end of the day or the beginning of the next day, RBI sends an email to the bank with details of all the transactions that have taken place in the settlement account for the whole day and the officials of Kangra Bank match the same. The balance amount is sent back from the settlement account to the current account.
Sources privy to the probe said that on April 20, 2023, when the RBI sent details for all transactions done on April 19 in the settlement account, officials of Kangra Bank found something unusual. They found that out of an amount of over Rs 3.14 crore from the settlement account, much less was transferred to the current account. As per the complaint, the bank officials informed all the concerned authorities but no one could find out the reason for the mismatch of such a huge amount.
This process did not stop here. In the next two days, Rs 2.40 crore was short received in the current account and Rs 2.23 crore in the settlement account. The alleged fraud in three days works out to around Rs 7.79 crore. Sangwan has said in the complaint that Kangra Bank informed the concerned department of the Reserve Bank about this. Apart from this, it was also told in which accounts of other banks this amount of Rs 7.79 crore was transferred. However, the identity of the person who has withdrawn this amount has not been ascertained. Delhi Police is considering it as a case of cyber hacking as the accused are not known to the bank.
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