A reminder that cyberattacks no longer target only corporations or government bodies, a software professional based in Hyderabad’s IT corridor fell prey to a sophisticated hacking operation that resulted in a financial loss of ₹42 lakh. The incident, which took place in March, has sent shockwaves through the city’s tech community.
The victim, an active investor in U.S. stock markets with multiple online banking accounts, discovered that large sums were being transferred from his bank and trading accounts without his knowledge. According to the complaint filed with the Cyber Crime Police, the hacker not only siphoned off funds but also deleted the victim’s WhatsApp account remotely, effectively cutting off communication and alerts.
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Identity Hijacked and Accounts Compromised
The ordeal began when the techie started receiving emails related to new credit card applications and bank account openings—none of which he had initiated. Suspecting foul play, he investigated further and was shocked to find that hackers had gained unauthorized access to his financial accounts and devices. They had even altered login credentials and were now demanding a ransom in exchange for returning access. However, no specific ransom amount was stated.
Police officials confirmed that nearly ₹36 lakh was drained from the victim’s U.S. stock trading account via unauthorized wire transfers. An additional ₹7 lakh was withdrawn from various Indian bank accounts linked to the victim. These funds were reportedly funneled into multiple unidentified accounts over a span of less than 10 days.
No OTPs, No Calls—Just Clean Sweeps
What’s particularly alarming is the method used. The victim told authorities that no one-time passwords (OTPs) or phone call verifications were triggered during the transactions. This suggests that the attackers may have employed advanced techniques to bypass multi-factor authentication protocols.
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Despite the victim’s prompt action in alerting the banks, it was too late to stop the transactions. He subsequently filed a complaint with the Cyber Crime Police, who have registered a case under charges of cheating and violations of the Information Technology Act.
Investigation Underway
Cybercrime investigators are currently tracing the money trail by tracking the accounts into which the stolen funds were transferred. Authorities suspect the involvement of an organized cybercrime network, possibly operating from overseas, given the international scope of the theft.
This case serves as a stark warning that even tech-savvy individuals can fall victim to increasingly sophisticated cyber threats. Officials urge the public to monitor financial activity closely, use strong and unique passwords, enable all available security features, and report any suspicious digital behavior immediately.