Swift Action Saves Bank from Cyber Fraud Disaster

Cyber fraudsters duped a private bank into transferring over Rs 11.34 crore, posing as a legitimate business. Quick reporting to a cyber helpline enabled Mumbai police to block a large portion of the funds. The fraud involved hacked emails and fake business operations, leading to timely intervention.

A private bank fell victim to cyber fraud when fraudsters managed to transfer over Rs 11.34 crore into two separate accounts under the guise of business transactions.

The incident came to light when a resident of Mumbai's Powai area reported suspicious activity to the 1930 cyber helpline. It was discovered that the email linked to a company's bank account had been compromised.

Acting swiftly, Mumbai police coordinated with bank officials to block most of the fraudulent transactions, recovering Rs 11,19,50,501, as noted by an official. This prompt response was critical in mitigating the financial loss.

(With inputs from agencies.)