On Thursday, the cybercrime branch police arrested a 29-year-old man, Harsh Bansal, in connection with the hacking of Nainital Bank’s server. The case involves the siphoning of ₹16.71 crore through 84 transactions between June 16 and June 20, 2024. The arrest was confirmed by Vivek Ranjan, Assistant Commissioner of Police (ACP) for the cybercrime branch in GB Nagar.
Details of the Fraud
Harsh Bansal, a resident of Dadri in Greater Noida, allegedly collaborated with his chartered accountant brother, Shubham Bansal. Together, they established a fake current bank account at Nainital Bank by registering a fictitious firm in Ghaziabad. The fraudsters used this counterfeit account to siphon funds from the bank. On June 19, ₹99 lakh was transferred to a bank account in Ghaziabad, and Harsh received a commission of ₹6 lakh for his involvement.
Investigation and Findings
Further investigation revealed that Shubham Bansal was responsible for moving the stolen funds between accounts. Additional details about the transfer of funds and the extent of the network involved are expected to emerge following Shubham’s arrest. ACP Ranjan noted that Harsh lacked knowledge about the gang’s operational methods.
Action Taken
As of Friday, police had frozen ₹2.8 crore of the stolen funds and sealed Shubham Bansal’s CA office in Ghaziabad. Harsh Bansal was apprehended from Lal Kuan Road in Ghaziabad. He claimed to have used his ₹6 lakh commission to settle personal debts.
Charges and Legal Proceedings
The police have added charges under Sections 468 (forgery for cheating), 120 B (criminal conspiracy), and 201 (disappearance of evidence) of the Indian Penal Code. Previously, a case had been registered under Sections 420 (cheating and dishonesty) of the IPC and 66C (fraudulently using electronic signatures) of the IT Act on July 10.
Discovery of the Fraud
The bank first noticed discrepancies during routine account reconciliation on June 17, when a ₹3 crore discrepancy was detected. Assuming it was a technical error, they delayed further action. However, when a similar issue arose with a ₹2 crore difference on June 18, the matter was escalated and reported to the police on June 19 by the IT manager of Nainital Bank’s Sector-62 branch in Noida.
