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Cybercriminals allegedly stole ₹8.92 crore from Mirae Asset Finance Services in Navi Mumbai by exploiting vulnerabilities in its automated loan disbursement system. The fraud involved 583 fictitious loan accounts and 438 unauthorised transactions carried out within four hours on October 28.
How Did the Fraud Happen?
According to the complaint, the fraudulent transactions occurred between 11 am and 3 pm, during which attackers allegedly manipulated the company’s digital lending infrastructure.
Mirae Asset Finance Services provides digital loans through business partners, including Kissht. Its lending operations rely on application programming interfaces (APIs) and automated systems to verify applications and disburse funds.
The company uses loan verification and disbursement systems, including Jocata and Finnoneo, allowing loan applications to be processed in approximately two minutes.
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Investigators suspect the fraudsters exploited technical weaknesses in this automated process to generate fraudulent loan accounts and release funds without proper authorisation.
How Were Fake Accounts Created?
The accused allegedly bypassed the company’s Loan Origination System (LOS), which manages the processing and approval of loan applications.
Investigators found that a product code identified as ‘PLNMAKS’, associated with Kissht, was allegedly used to generate 583 fictitious loan accounts. More than 143 requests were reportedly misused to execute 438 unauthorised loan disbursements.
Through these transactions, the fraudsters allegedly transferred ₹8,92,56,160 into multiple bank accounts.
Why Was the Fraud So Fast?
The incident involved a digital lending system designed to process loan applications and release approved funds quickly.
Such automated systems reduce the time required for routine loan processing, but security weaknesses can create opportunities for unauthorised transactions.
In this case, investigators suspect the attackers manipulated the automated loan disbursement process to carry out hundreds of transactions within a four-hour period.
The suspected exploitation of the loan approval infrastructure is now a central part of the police investigation.
How Was the Fraud Discovered?
The suspicious activity came to light at approximately 3 pm when the company’s backend team received an email alert concerning a failed loan disbursement.
Following the alert, Operations Head Rahul Raj and Company Secretary Govind Lalwani examined the transactions.
Their examination revealed multiple unauthorised fund transfers involving the company’s digital lending operations.
The company subsequently filed a complaint through the National Cyber Crime Reporting Portal and contacted its bank to initiate steps to freeze the affected account.
What Action Have Police Taken?
Navi Mumbai Cyber Police have registered a case against unidentified persons under Sections 43, 66(C) and 66(D) of the Information Technology Act, along with relevant provisions of the Bharatiya Nyaya Sanhita.
Investigators are examining how the attackers bypassed the company’s lending controls and executed hundreds of unauthorised disbursements.
Police are also tracing the beneficiary bank accounts and attempting to identify those responsible for receiving the stolen funds.
What Does This Case Highlight?
The incident raises serious concerns about vulnerabilities in automated digital lending and payment systems. The suspected manipulation of loan-processing APIs demonstrates how weaknesses in financial technology infrastructure can expose institutions to substantial losses within a short period.
The investigation is focused on identifying the security breach, tracing the transferred money and establishing the circumstances that allowed hundreds of fraudulent loan disbursements.
