Fraudulent transactions at IndusInd bank: ₹32.89 crore of ₹40 crore recovered

Maharashtra Cyber recovers ₹32.89 crore out of ₹40 crore fraudulently transferred from IndusInd Bank, with ₹4.24 crore withdrawn by frauds

MUMBAI: Maharashtra Cyber on Friday said that they could recover ₹32.89 crore out of the ₹40 crore allegedly fraudulently transferred from IndusInd Bank to 20 different mule accounts. The frauds managed to withdraw ₹4.24 crore from various ATMs, while the police are still trying to locate the remaining ₹2.87 crore.

The frauds managed to withdraw ₹4.24 crore from various ATMs, Representative Image (Photo: LiveMint)

After the Bandra Kurla Complex (BKC) branch of the IndusInd bank got wind of the fraudulent transactions, it alerted the cyber police through their helpline number. Following quick action from the cyber police, they were able to freeze ₹32.89 crore in different bank accounts.

According to police officials, the amount was transferred by the BKC branch after the private bank’s Hyderabad branch contacted them and asked them to transfer ₹40 crore. The BKC branch transferred the amount in two tranches of ₹25 and ₹15 crore, as per the instructions of Hyderabad branch officials, said Superintendent of Police Sanjay Shintre of the Maharashtra Cyber.

Later, the amount from the Hyderabad branch was transferred to 20 different bank accounts in nationalised and private banks in India. The BKC branch officials found it suspicious, as those appeared to be fraudulent transactions, and therefore immediately alerted the Maharashtra cyber police.

“On July 19, our team noticed that the complaint involved significant fraudulent transactions amounting to ₹40 crore. Realising the urgency of the situation, a team immediately initiated a follow-up process and promptly began coordinating with the relevant financial intermediaries involved in the transactions and managed to save approximately ₹31 crore by 6pm on the same day,” said Shintre.

The team’s efforts and process continued, resulting in blocking a total of ₹32.89 crore till July 25 in 11 bank accounts in India. The frauds managed to withdraw ₹4.24 crore from different ATMs of the bank, said Shintre. The efforts are still on to recover the remaining money,” he added.

The amount was transferred to different banks from the Hyderabad branch, so an FIR has been registered there, and the Hyderabad police are investigating the case.

₹3,325 cr lost to cyber frauds in last 3.5 years

According to Maharashtra Cyber, in the past three-and-half years, 2,81,019 Cyber frauds have been reported to the police across the state, and the complainants have lost around ₹3,325 crore to cyber frauds. During this period, the Cyber police have succeeded in blocking and saving an amount of ₹358.77 crore in banking channels.

Police officials said that presently, Maharashtra Cyber is receiving between 4,000 to 5,000 calls daily, on their helpline number 1930 and all the calls are handled on 20 functional lines by a dedicated workforce of over 110 individuals working around the clock.

Among this workforce, police officers said, 10 people focus only on follow-up procedures, coordinating directly with banks and law enforcement agencies to expedite the complaint resolution. Maharashtra Cyber has also set up dedicated Artificial Intelligence (AI) units in various branches. The units will then be used for data analysis, pattern recognition, digital forensics, and behavioural analysis, which would help investigators.