Central Bank of India has reported that ₹13.97 crore was siphoned from its settlement account with the Reserve Bank of India through 187 unauthorised transactions carried out between October 15 and 17.
According to an FIR registered at Mumbai’s Nodal Cyber Police Station, the funds were routed to accounts across 36 banks. The bank has alleged that unknown persons gained unauthorised access involving the Central Structured Financial Messaging System server operated by Indian Financial Technology and Allied Services, a wholly owned RBI subsidiary.
The complaint was filed by the bank’s general manager for treasury operations.
FCRF’s Chief AI Officer Certification Returns on November 14 to Prepare Future AI Leaders
187 Transfers Recorded Over Three Days
According to the FIR, six unauthorised transfers were made on October 15, followed by 88 on October 16 and 93 on October 17.
The bank’s internal investigation could not trace any of the 187 transactions through its branches, internet banking, mobile banking or other regular customer channels.
The transactions were also not found in the bank’s core banking system, RTGS settlement account or SFMS server records.
Partial traces relating to 10 accounts were found in SFMS database logs, according to the complaint, but the corresponding transaction IDs were not present in the bank’s records.
The complaint also stated that the accounts shown as payers in the 187 transactions did not belong to Central Bank of India.
Bank Alleges Unauthorised Access to SFMS Infrastructure
SFMS, or the Structured Financial Messaging System, is used for payment messages exchanged by banks through the RBI’s RTGS and NEFT systems.
According to the complaint, a normal RTGS transaction begins when a customer payment instruction is entered into the bank’s core banking system and the customer’s account is debited.
The amount is then credited to the bank’s RTGS settlement account, after which a message is sent from the bank’s SFMS server to the central SFMS server operated by IFTAS. The amount is subsequently debited from the bank’s settlement account maintained with the RBI.
The bank has alleged that unknown persons gained unauthorised access to IFTAS’s central SFMS server through the SFMS server connected to its core banking system and diverted funds from its RBI settlement account.
RBI, CERT-In and NCIIPC Informed
Central Bank of India immediately informed the RBI, IFTAS, the Daksh portal, the National Critical Information Infrastructure Protection Centre and the Indian Computer Emergency Response Team about the incident.
Police have registered a case of cheating and personation against unknown persons.
Investigators are examining how the unauthorised transactions were generated and how the funds were transferred to accounts maintained across 36 banks.
The case remains under investigation.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
Follow for daily updates on cybercrime, corporate fraud, DFIR, hacking, investigations, and digital forensics
