VPNs, mule accounts and Telegram: How Bengaluru firm was scammed of ₹49 crore in just 2 hours

The arrested suspects have been identified as Sanjay Patel (43) from Udaipur, Rajasthan, and Ismail Rasheed Attar (27) from Belagavi.

Updated on: Oct 29, 2025, 08:18:19 IST

By Shivya Kanojia

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The Cyber Crime Police have uncovered a massive ₹49-crore digital fraud that targeted Whizdm Finance, a private non-banking financial company in Bengaluru. Two people have been arrested in connection with the case, and investigators have managed to recover ₹10 crore, which has since been returned to the firm.

The operation was directed by two masterminds based in Dubai, who are still absconding. (Pexels)

The digital crime took place during the night of August 6 and 7, when hackers infiltrated Whizdm Finance’s digital systems and drained crores of rupees through hundreds of rapid transactions. The company discovered the breach two days later during a manual audit and filed a complaint on August 9, according to a report by Times of India (TOI).

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A team led by Deputy Commissioner of Police (Crime–2) Raja Imam Kasim P quickly began the investigation. The arrested suspects have been identified as Sanjay Patel (43) from Udaipur, Rajasthan, and Ismail Rasheed Attar (27) from Belagavi. Police said the duo set up a virtual private network (VPN) and opened multiple mule bank accounts to facilitate the illegal transfers.

The operation was directed by two masterminds based in Dubai, who are still absconding. The duo reportedly hired hackers from Hong Kong to breach Whizdm’s digital systems.

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Police Commissioner Seemant Kumar Singh told TOI, that the hackers transferred ₹49 crore into 656 accounts through 1,782 transactions in just two hours, calling it a “professionally executed international fraud.”

Further investigation showed that Whizdm Finance, which issues small personal loans up to ₹lakh, was chosen deliberately because of its transaction model. The hackers exploited the company’s Application Programming Interface (API), the link between its app and bank systems, using rented servers and VPNs to mimic legitimate loan disbursements.

Patel allegedly opened over 650 mule accounts to channel the stolen money, while Attar helped coordinate with the Dubai-based masterminds.

Reportedly, the fraudsters used Telegram for encrypted communication and employed servers based in Hong Kong and Lithuania to mask their digital trail.

ABOUT THE AUTHOR
Shivya Kanojia
Shivya Kanojia is a journalist at Hindustan Times, where she works in the fast-paced digital news ecosystem with a strong sense of editorial judgement and a clear understanding of what makes a story both important and traffic-driven. An alumna of the Indian Institute of Mass Communication (IIMC), Shivya brings a thoughtful balance of news value and audience relevance to her work, ensuring stories resonate beyond the immediate headline. Over the course of her three-year journey in the digital news space, Shivya has worked across a wide range of beats, including politics, civic issues, human-interest features and trending news. This diverse exposure has shaped her ability to approach stories with nuance, adaptability and context, whether she is breaking down complex developments or spotlighting everyday narratives that often go unnoticed. She is particularly drawn to human-interest stories, interviews and explainers that offer depth and clarity, aiming to move past surface-level reporting to explore the people, emotions and circumstances behind the news. Prior to joining Hindustan Times, Shivya worked with Firstpost and Times Now, where she covered a broad spectrum of topics and honed her skills in digital journalism . Outside the newsroom, Shivya enjoys discovering new cafés, drawn to good coffee, cosy spaces and unhurried conversations. Shopping is another pastime she cherishes, not always out of necessity, but often guided by instinct and the simple joy of stumbling upon unexpected finds. Above all, she treasures time spent with loved ones, finding meaning in shared laughter, simple moments and memories that linger long after.Read More

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