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Mumbai Police arrests Three individuals in hi-tech Online Bank Fraud


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In a sophisticated online fraud operation, the police in Mumbai have apprehended three individuals, including a BTech (IT) graduate, for their alleged involvement in causing a loss of nearly Rs 4.5 crore to a private bank. Working in collaboration with a hacker believed to be from Turkey, the scam utilized international merchants, fake credit card refunds, and deceptive documentation, ultimately leading to police intervention.

According to authorities, the hacker posed as an international merchant and initiated refund requests to the bank for failed transactions on behalf of credit card holders. To make the fraudulent claims appear legitimate, counterfeit purchase reversal documents were submitted, convincing the bank to transfer approximately Rs 4.5 crore to 34 credit card holders between June and December 2023. However, when the bank discovered that the credited amounts were not reconciled, the vice-president lodged a police complaint in January, resulting in the registration of a First Information Report (FIR) for cheating and impersonation.

The bank’s complaint outlined how the ‘international merchants’ contacted them, claiming multiple transaction failures on behalf of their clients. Under the pretense of rectifying the issue, the merchants requested refunds to be credited to specific customers’ credit cards, assuring the bank of subsequent repayment. Falling for the deception, the bank refunded the specified amounts to 34 individuals whose details were provided by the merchants. However, all attempts to recover the credited sums from the merchants proved futile, leading to the filing of the FIR.

During the investigation, the money trail revealed that the bank had credited Rs 76 lakh to Muzammil Warsi, a resident of Andheri who owns a film editing firm. Warsi, one of the beneficiaries, transferred Rs 45 lakh to Ramkumar Yadav, a 29-year-old BTech (IT) graduate who operates an electronic accessories store in Ghaziabad. Yadav, in turn, retained a portion as commission and converted the remaining funds into cryptocurrency, which he then sent to the hacker.

The apprehension of these individuals highlights the intricate nature of modern cybercrime, emphasizing the need for increased vigilance and robust cybersecurity measures to protect against such fraudulent activities.

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