RBI-Maintained Kangra Co-operative Bank Account Duped in Rs 7.79 Crore Cyber Fraud


 In a stunning turn of events, an extraordinary sum of Rs 7.79 crore has allegedly been embezzled from the current account of Kangra Co-operative Bank, which is overseen by the Reserve Bank of India (RBI). This incident has left top officials perplexed, given that the bank operates under the financial supervision of the RBI, yet the fraudulent activities occurred within the regulatory system itself. Authorities are grappling with the task of identifying the individual behind this audacious cyber theft, although officials from Kangra Bank assert that they have managed to identify the accounts where the stolen funds were transferred.

Sahdev Sangwan, the Senior Manager (IT) of Kangra Bank, took the initiative to file a complaint with the Delhi Police, resulting in the registration of a First Information Report (FIR) in early May. Currently, an ongoing investigation is underway to uncover the intricate details surrounding this brazen cyber fraud.

Also Read: Cybercrime in Nagpur - Cyber Blackmailer Couple Arrested in Pune for Extorting Money

According to Sangwan's complaint, Kangra Bank maintains a current account with the RBI for the purpose of conducting various banking transactions, such as Real Time Gross Settlement (RTGS), National Automated Clearing House (NACH), National Electronic Fund Transfer, and Check Truncated System on behalf of its customers.

In line with the established procedure followed by Kangra Bank and the RBI, the bank has issued a standing instruction to transfer Rs 4 crore daily from the current account to a settlement account. This arrangement facilitates the bank's ability to offer RTGS and NACH services to its customers. At the close of each day or in the early hours of the following day, the RBI sends an email statement to the bank, outlining all the transactions executed in the settlement account throughout the day. Kangra Bank officials then cross-verify the statement, and any remaining funds are transferred back to the current account from the settlement account.

On April 20, 2023, alarm bells rang when Kangra Bank officials noticed an irregularity in the statement received from the RBI. They observed a discrepancy of over Rs 3.14 crore, indicating that a significant amount had not been transferred from the settlement account to the current account. Despite promptly informing the relevant authorities, including the RBI and other financial security departments, no satisfactory explanation has yet been found to account for this substantial mismatch.

To their dismay, similar discrepancies occurred over the next two days as well. On both April 21 and April 22, the current account received amounts that were over Rs 2.40 crore and over Rs 2.23 crore less than expected, respectively, from the settlement account. When combined, these irregularities amounted to an astounding Rs 7.79 crore in suspected fraudulent transactions over the three-day period.

Also Read: Kashmiri Brother-in-Law could not show Kamal, and pressure on Nagpur police failed

In Sangwan's complaint, it was revealed that Kangra Bank has managed to identify accounts with other banks into which the fraudulently withdrawn funds were transferred. However, the individuals responsible for these deceptive transactions remain unknown. The Delhi Police suspect the involvement of cyber hackers or tampering, as the culprits appear to be unaffiliated with the bank.

Kangra Co-operative Bank Ltd, which originated as a modest thrift and credit society in March 1960, received authorization from the RBI in 1972 to engage in banking activities. Today, with 12 branches spread across various parts of Delhi, it stands as one of the largest urban co-operative banks under the administrative control of the Delhi Government through the Registrar of Cooperative Societies.

The ongoing investigation aims to delve into the intricacies of this cyber fraud, as both Kangra Bank and the RBI collaborate closely to strengthen security measures and prevent future incidents of this nature.

Source: https://www.the420.in/rbi-maintained-kangra-co-operative-bank-account-duped-in-rs-7-79-crore-cyber-fraud/

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