Bhavnagar/Gandhinagar, July 10 (IANS) The Cyber Centre of Excellence of Gujarat Police has arrested three more accused in connection with the hacking of Bhavnagar District Co-operative Bank Ltd., taking the total number of arrests in the case to 10.
Investigators allege that the accused helped route proceeds of cyber fraud by arranging bank accounts into which funds generated through the alleged hacking were transferred.
The investigation, as of now, has shown that the accused illegally accessed the bank’s server, computer system, database, and Core Banking System (CBS), manipulated electronic records, and artificially created bank balances in accounts that did not actually exist.
Police said the group transferred a total of Rs 7,34,91,682 (Rs 7.34 crore) into various bank accounts using the fabricated balances, causing financial loss to the bank while securing unlawful financial gains for themselves and others.
During the investigation, police found that several bank accounts had allegedly been arranged specifically to receive and distribute the proceeds of the cyber fraud.
Examination of mobile phones and bank account records led investigators to identify transfers linked to the alleged fraud, following which the three accused were arrested.
The accused have been identified as Anil Agrawat, 36, of Kosad in Surat; Bhumil Patel, 32, of Vasad; and Vikas Chaudhary, 28, of Chomu in Rajasthan.
Police said one of the four bank accounts allegedly manipulated during the hacking belonged to Agrawat. A detailed technical analysis, according to investigators, indicated that he had rented out his bank account.
Patel is alleged to have activated internet banking services for the account, set the username and password and forwarded the banking credentials.
Investigators further alleged that Chaudhary, along with Patel, had initially travelled to Bhavnagar to open Agrawat’s account but had been unsuccessful due to documentation issues.
The trio later returned with additional documents, after which the account was opened. Police said Patel subsequently activated internet banking and handed the login credentials to Chaudhary.
Investigators are examining whether the accused had links with members of the hacking network.
According to the police investigation, the bank’s Core Banking System software contained a vulnerability that had also affected between 14 and 15 banks across India.
Investigators allege the accused altered the databases of four existing bank accounts by replacing the registered mobile numbers with their own and artificially increasing the balances in each account to between Rs one crore and Rs two crore.
Police said approximately Rs 7.34 crore was generated virtually within the banking software and subsequently transferred to 135 different bank accounts to disperse the funds.
Investigators further alleged that the group obtained bank accounts from individuals by offering financial inducements and used them to channel money linked to cyber fraud.
The Cyber Centre of Excellence has urged the public not to rent out bank accounts, ATM cards, cheque books, or SIM cards to unknown persons under any circumstances, and to report anyone seeking such services to the nearest police station or cybercrime authorities.
It also cautioned people against investing through social media advertisements on platforms including Facebook, Instagram, WhatsApp and Telegram that promise unusually high returns in a short period.
–IANS
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