Fraud Alert
Cybercriminals Steal Rs 2.34 Crore via RTGS/NEFT Hack from Bank, Divert Funds to 25 Fake Accounts
In a significant cybercrime incident, hackers stole Rs 2.34 crore from the Ballari District Co-operative Central (BDCC) Bank in Karnataka. The breach was discovered after customers from multiple branches in Vijayanagara and Ballari districts reported that funds were not being credited to their accounts.
How the Fraud Unfolded
According to the police, the hackers targeted the bank’s RTGS/NEFT transaction system. During a routine fund transfer on January 10, 2025, from BDCC Bank to IDBI Bank, the hackers manipulated XML files by altering account numbers and IFSC codes. Although the beneficiary names remained unchanged, the funds were diverted to 25 accounts across various northern states instead of reaching the intended recipients.
Registrations Open for FutureCrime Summit 2025: India’s Largest Conference on Technology-Driven Crime
Discovery of the Breach
The fraud came to light on January 13, 2025, when branches reported discrepancies in online transactions starting from January 10. Upon investigation, the bank found that transactions exceeding Rs 5 lakh had been redirected to unauthorized accounts.
Immediate Action Taken
In response, BDCC Bank suspended its RTGS/NEFT services and filed a complaint at the Hosapete Town Police Station. The case has since been transferred to the Ballari CEN (Cyber Economic Narcotics) Police Station for further investigation.
Legal Proceedings
The police have registered an FIR under relevant sections of the Information Technology Act and the Bharat Nyay Sanhita, addressing charges of fraud, cheating, and misuse of computer systems.
Ongoing Investigation
Authorities are actively investigating the breach and working to trace the 25 beneficiary accounts where the funds were diverted. The incident highlights the vulnerabilities in financial transaction systems and the growing threat of cybercrime in India’s banking sector.
The bank has assured its customers that all efforts are being made to recover the stolen funds and enhance cybersecurity measures to prevent such breaches in the future.
