Cyber Heist: Rs 40 Crore Taken from IndusInd Bank

According to Maharashtra Cyber, which reported the recovery of 31.89 crores out of 40 crores allegedly fraudulently transferred from IndusInd Bank to 20 different mule accounts on Friday, the agency said. As a result of the fraud, more than $4.2 million were stolen from ATMs around the country, while police are still looking for the remaining $2.87 million. 

It has been reported that IndusInd Bank in Mumbai has reported a loss of Rs 40 crore as a result of an unauthorized transaction which took place on their network. Maharashtra Cyber Police, responsible for detecting and responding to cyber frauds in the state, has managed to recoup Rs 32 crore as a major achievement in one of the state’s largest cases of cyber fraud.

According to the bank’s Hyderabad branch manager, he is being held responsible for making unauthorized transactions on behalf of the bank. 

By improving the reporting process through the National Cybercrime Reporting Portal (NCCRP), the Maharashtra Cyber Police were able to take swift action on the report of the cybercrime within a short period. With such a prompt response, the authorities were able to track down and freeze the fraudulent accounts in a short period.

In addition to the fraudulent transactions, the Hyderabad branch manager also made two significant transfers of Rs 15 crore and Rs 25 crore with no authorization from the Mumbai head office on whether these transfers should be carried out. 

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