Thane’s Biggest Cyber Theft: Hackers Swipe Rs 25 Crore from Company’s Escrow Account

 

In a shocking incident that has reverberated throughout Mumbai, a major cybercrime has unfolded, leaving the city in disbelief. Unidentified hackers have successfully breached the escrow bank account of a prominent Thane-based company, resulting in a staggering loss of approximately Rs 25 crore.

Escrow accounts, typically managed by third parties, play a crucial role as temporary repositories during transactions between two parties. In this case, the Thane Cyber Cell, responsible for delving into such matters, has disclosed that the hackers exploited the payment gateway of the targeted company, gaining illicit access to its database. By manipulating the database, these cybercriminals significantly inflated wallet balances and utilized merchant credentials to log into the company's portal. Subsequently, they carried out multiple transactions, diverting funds to various bank accounts.

An official from the Thane Cyber Cell stated, "Through their nefarious activities, the hackers managed to gain illicit control over the company's renowned national bank escrow account, diverting approximately Rs 25 crore to multiple unknown accounts." The authorities in Thane were initially alerted to this crime on April 14 when employees of the company discovered irregularities in their debit and credit accounts.

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

"After conducting a thorough investigation, the company's officials determined that their financial portal had been compromised," explained a police officer. "The culprits successfully breached the system of the company's financial portal, surpassing the wallet balance limit and utilizing merchant keys to carry out numerous financial transactions across various unidentified accounts."

To exacerbate matters, the hackers executed this fraudulent scheme again on April 21 and April 22, exacerbating the financial losses suffered by the company. An officer from the Shrinagar police station divulged, "The hackers established four fictitious companies, exploiting them as conduits to transfer funds from the targeted company's escrow bank account to numerous undisclosed account holders. While some of these transactions were halted following the report filed with the National Payment Corporation of India (NPCI), unfortunately, a significant portion of the fraudulent transactions had already been completed."

In response, the Thane police, in collaboration with the Cyber Cell, have intensified their efforts to identify and apprehend the audacious perpetrators behind this cyber heist. The investigation aims to unveil the complete extent of the breach, identify any potential vulnerabilities, and implement robust measures to prevent similar incidents in the future. The authorities are fully committed to bringing the criminals to justice and restoring a sense of security in the wake of this distressing event.

This incident serves as a stark reminder of the ever-present threat posed by cybercriminals, who exploit technological advancements for their nefarious activities. It underscores the critical need for individuals, businesses, and organizations to remain vigilant and prioritize cybersecurity measures to safeguard sensitive data and financial transactions.

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

As the investigation unfolds, it is hoped that the culprits will be swiftly apprehended, and lessons learned from this incident will be applied to bolster the defenses against cyber threats, ensuring a safer digital landscape for all.


KEY HIGHLIGHTS

  • Unknown hackers orchestrated one of the largest cyber heists in Thane, siphoning off approximately ₹25 crore from a company’s escrow bank account.

  • The hackers successfully breached the payment gateway of the targeted company, manipulating its database to increase wallet balances and gain access to the company’s portal.

  • Utilizing merchant credentials, the cybercriminals executed multiple transactions to various unidentified bank accounts.

  • The fraudulent activities took place on April 14, April 21, and April 22, with the hackers transferring funds through the company’s escrow bank account to several unknown account holders.

  • Some transactions were halted after being reported to the National Payment Corporation of India (NPCI), but a significant portion had already been completed by then.

  • Thane Cyber Cell and local police authorities are actively investigating the case, aiming to identify and apprehend the perpetrators.

Source: https://www.the420.in/thanes-biggest-cyber-theft-hackers-swipe-rs-25-crore-from-companys-escrow-account/


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