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A logistics company in Gujarat’s Gandhidham has allegedly lost ₹8.46 crore after unidentified cybercriminals carried out 209 unauthorised debit transactions from its corporate bank account without triggering any one-time password (OTP) verification.
The incident has raised concerns about banking security after the company claimed that standard two-factor authentication safeguards were bypassed. Kutch East Cyber Crime Police have registered an FIR following a complaint filed by businessman Dilip Mokariya, who operates Shree Marutinandan Logistics in Mundra and Gandhidham.
How Did the Cyber Fraud Come to Light?
According to the complaint, the company maintained a cash credit/overdraft account with the Gandhidham branch of Yes Bank for routine business transactions.
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Access to the corporate net banking facility required login credentials and OTP verification linked to the registered mobile numbers of Mokariya and his younger brother, Pravin.
On November 4, Pravin suddenly received between 20 and 25 debit transaction alerts on his mobile phone. Alarmed by the unexpected messages, the company immediately contacted its accountant to check the account.
What Happened When the Company Checked Its Account?
When the accountant attempted to access the net banking portal, the session reportedly terminated unexpectedly, preventing further access. Mokariya contacted Yes Bank branch manager Manish Chagrani and requested an immediate freeze on outgoing transactions.
However, the account was allegedly not frozen in time, allowing further unauthorised transfers.
How Was ₹8.46 Crore Transferred?
After regaining access to the banking portal, the company discovered 209 unauthorised debit transactions totalling approximately ₹8.46 crore. The funds had allegedly been transferred rapidly into several outside bank accounts.
Individual transactions ranged from a few thousand rupees to amounts as high as ₹50 lakh. The company maintained that these transfers were made without its authorisation.
Were OTP Security Checks Bypassed?
The complainant alleged that neither of the authorised mobile numbers received OTPs to approve the transactions.
According to the complaint, debit confirmation messages began arriving only after significant amounts had already been transferred.
The company suspects that cybercriminals may have compromised the banking portal, diverted network traffic or SIM messages, or obtained unauthorised administrative access. However, the exact method used remains unconfirmed.
What Action Have Police Taken?
Kutch East Cyber Crime Police have registered an FIR based on the company’s complaint.
The case involves allegations of unauthorised access and fraudulent transfers from a corporate banking account.
The incident highlights the importance of investigating how large financial transfers could occur without the account holder receiving the expected authentication requests.
