Rs 16 Crore Stolen from Nainital Bank’s Noida Branch; CERT-In and Police Investigate Major Cyber Attack on Core Banking Server

Noida: In a recent cyber fraud incident, fraudsters targeted Nainital Bank’s Noida branch, located in Sector 62, and managed to steal Rs 16.1 crore. This major breach was accomplished by hacking into the bank’s server and transferring the money to 84 different accounts.

The bank’s IT Manager, Sumit Srivastava, uncovered the fraud during a routine reconciliation of the bank’s balance sheet. He noticed a discrepancy of Rs 36,09,04,020 in the RTGS account balance sheets. Following this discovery, Srivastava filed a case with the Noida Cyber Crime Police Station and requested assistance from CERT-IN (Indian Computer Emergency Response Team) to investigate the matter.

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An initial investigation revealed that suspicious activities were present on the bank’s server. Upon further review of the RBI system on June 20th, it was confirmed that 84 instances of suspicious transactions had occurred between June 17th and June 21st. These transactions involved the withdrawal of funds through RTGS settlements.

The fraudulent funds were transferred to various accounts in different banks. Following the discovery, all involved bank accounts were frozen, and account holders were asked to complete their KYC process. Despite the significant loss, the bank has managed to recover RS 69,49,960 so far. However, Rs 16,01,83,261 is still yet to be recovered.

According to ACP Vivek Ranjan Rai of Noida Cyber Crime Wing, a case has been registered against unknown fraudsters based on the bank management’s complaint. The police are currently trying to trace the IP addresses of the fraudsters’ computers to catch the culprits.

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