Cosmos bank online heist : A year after, 15 arrest and Rs10 cr recovered
Cosmos bank was hit by a malware attack, with hackers siphoning Rs 94.42 crore from bank accounts on August 11 and August 13 last year
The special investigation team (SIT) constituted by the Maharashtra government has, as of August 2019. recovered Rs 10.25 crore of money lost in the Cosmos Co-operative Bank heist which was revealed in August 2018.
Cosmos bank was hit by a malware attack, with hackers siphoning Rs 94.42 crore from bank accounts on August 11 and August 13 last year.
The hackers then transferred the money into accounts in India and abroad.
A series of ATM transactions have been revealed as part of the network’s modus operandi.
An amount estimated to be Rs 78 crore was withdrawn through 12,000 ATM transactions outside India, while another 2,800 transactions were made in different corners of the country, totaling an estimated Rs 2.5 crore.
On August 13, Rs 13.5 crore was transferred by the hackers to a Hong Kong-based entity, using the Society for Worldwide Interbank Telecommunications facility. The bank the money was transferred to has been revealed as the Hang Seng Bank.
DCP (cyber crime) Sambhaji Kadam said, “Since, investigations began, we have been able to recover Rs 10.25 crore so far and 15 ‘money mules’ have been arrested. Cosmos bank filed a civil suit in Hong Kong regarding the funds transferred to the Hang Seng Bank, and we sent our advisories to the embassies and Interpol requesting freezing of assets. We have recovered Rs 10 crore which will be returned to Cosmos soon,” he said.
Milind Kale, chairman, Cosmos Co-operative Bank , said: “It is a challenge to reach the main hacker and the police authorities are taking all necessary steps to nab the main accused in the case. As far as Indian side is concerned, we have recovered Rs 25 lakhs. Rs 10 crore is being recovered from abroad.”
The state’s special investigation team (SIT) is headed by Jyotipriya Singh, deputy commissioner (economic offences wing and cyber cell). Seven countries, comprising Turkey, Bulgaria, Japan and United Kingdom, are assisting the SIT. Similarly, banks from France, Hong Kong and Latvian nations have also provided assistance to the Pune police’s cyber cell to investigate the case.
Cosmos bank is headquartered in Pune.