Cyber Fraud: Bank transferred Rs.17 lac from customer’s account on the basis of fake email

In a rare case in Bengaluru, a public sector bank was duped, causing losses to the tune of Rs.17 lakh to a private company. An FIR has been registered at West CEN police station. 

In July, the bank’s main branch received an email requesting a money transfer. The email ID and letterhead were similar to those of a company with a cash credit account at the branch.

Despite errors in the letterhead and email ID, the bank was fooled. The caller ID also displayed the name of the company’s MD, further solidifying the bank’s trust.

The caller claimed to be the MD and said that they needed to make deposits in two other banks. They inquired about the account’s borrowing limit.

The fraudsters had forged the MD’s signature on the letterhead, which they are suspected to have obtained from online documents.

The caller requested that ₹9.12 lakh be transferred to one account and ₹8.78 lakh to another. The bank complied.

The MD stated that the bank failed to recognize the fake letterhead and email ID despite the company having requested similar transactions in the past.

The MD was out of the country at the time of the incident. They brought the matter to the bank’s attention immediately upon their return and filed a complaint. However, the money has not been recovered.

The investigation revealed that the bank accounts to which the money was transferred belonged to branches in Bihar. The Aadhaar details of the account holder revealed that the address on the Aadhaar card was also incorrect.