IndusInd Bank recently faced a major cyber fraud, losing ₹40 crore to unauthorized transactions. Fortunately, the Maharashtra Cyber Police managed to recover ₹32 crore of the stolen funds, making this one of the biggest cybercrime cases in the state. The fraud is linked to the bank’s Hyderabad branch manager, who is accused of making unauthorized transfers. These included two large sums of ₹15 crore and ₹25 crore, which were moved without approval from the Mumbai head office. The stolen money was distributed across about 20 different accounts.
The Maharashtra Cyber Police acted quickly after the fraud was reported through the National Cybercrime Reporting Portal (NCCRP). Thanks to this prompt reporting, the police were able to track and freeze the fraudulent accounts. On July 19, the complaint was filed, and by the end of the day, the police had managed to freeze around ₹31 crore. Their continued efforts led to recovering a total of ₹32.89 crore.
This incident has raised concerns about whether IndusInd Bank followed the Reserve Bank of India’s (RBI) rules on fraud risk management and security. These guidelines are designed to prevent such frauds with strong internal checks and balances. The investigation is looking into whether the bank’s internal procedures were followed properly. This includes checking the roles of the bank employees who are supposed to ensure all transactions are legitimate.
The Maharashtra Cyber Police handles cybercrime complaints through the NCCRP portal and the national helpline (1930). This helpline deals with 4,000-5,000 complaints every day and has a 100% response rate, with a dedicated team of over 110 professionals working around the clock. Since January 2021, the helpline has received 2,81,019 complaints and has recovered ₹3,324.90 crore in fraudulent transactions, with ₹358.77 crore still on hold. This shows the team’s dedication and effectiveness in dealing with cybercrime.
The ongoing investigation will determine if the bank followed the RBI’s rules and how well its internal controls worked. The results will help improve measures to prevent such incidents in the future.