The Cyber Centre of Excellence of Gujarat Police has apprehended three additional suspects in connection with the hacking of Bhavnagar District Co-operative Bank Ltd., bringing the total arrests to 10. These individuals are accused of facilitating the transfer of cyber fraud proceeds by organizing bank accounts for the illicit funds. The investigation revealed that the suspects unlawfully accessed the bank’s systems, manipulated electronic records, and fabricated bank balances to siphon off Rs 7.34 crore into various accounts.
Police investigations found that multiple bank accounts were set up to receive and distribute the fraudulent proceeds. The arrested individuals, identified as Anil Agrawat, Bhumil Patel, and Vikas Chaudhary, played different roles in the scheme. Agrawat’s bank account was allegedly used in the manipulation, while Patel facilitated internet banking services and Chaudhary was involved in the account opening process. Authorities are also probing potential connections of the accused with a wider hacking network.
The suspects are accused of exploiting a vulnerability in the bank’s Core Banking System software, affecting several other banks in India as well. By altering databases and increasing account balances artificially, they managed to generate Rs 7.34 crore virtually within the banking software. The group then dispersed these funds across 135 different bank accounts. The Cyber Centre of Excellence has advised the public against renting out bank accounts and cautioned against investment schemes promising high returns on social media platforms.
