Fraudsters looted over Rs 16 crore from a bank in Noida.
The cyber fraud happened at Nainital Bank's Sector 62 Noida branch.
When the balance sheet was being tallied, a mismatch of ₹36,09,04,020 was identified on June 17th.
Cyber crimes and fraud are going up by the day. Recently, a new cyber fraud incident has been flagged. Fraudsters looted over Rs 16 crore from a bank in Noida. This fraud was later discovered during a routine check of the bank’s balance sheet. So what happened? Let’s find out.
The cyber fraud happened at Nainital Bank’s Sector 62 Noida branch. The fraudsters had hacked into the bank’s server and had looted the bank of Rs 16.1 crore. This came to light when the IT Manager of Nainital Bank, Sumit Kumar Srivastava, reported the discrepancy in the bank’s balance sheet to the Noida Cyber Crime Police Station.
When the balance sheet was being tallied, a mismatch of ₹36,09,04,020 was identified on June 17th. At first, the bank officials thought that the issue had come up because of a discrepancy in the system line. However further investigation revealed that the funds had been debited through 84 suspicious transactions between June 17th and June 21st. As per the complaint the fraudulent transactions were made via RTGS settlements of various bank accounts.
Once it was clear that a fraud had taken place, the bank immediately warned the Computer Emergency Response Team (CERT-IN) to step in. The bank immediately froze all the suspicious accounts and the account holders were instructed to complete their KYC process.
Out of the 16.1 crore that were lost, only Rs 69,49,960 has been recovered so far. Rs 16,01,83,261 still needs to be recovered and is missing.
A case has been registered against unknown individuals by the Noida Cyber Crime Wing. We will have to wait and see if the money gets recovered or not. Until then, you all should remain very vigilant with any online activity that you do.
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Mustafa Khan
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