Mahesh Bank: Hyderabad police form special teams to investigate Rs 12 cr e-fraud

Hyderabad: Four special teams have been formed by the Hyderabad police to investigate the Rs. 12.40 crore e-fraud reported at Mahesh Cooperative Urban Bank. Fraudsters had withdrawn the amount after hacking into servers and transferred the amount from three accounts of the bank to around 120 bank accounts maintained in various banks across the country. […]

Hyderabad: Four special teams have been formed by the Hyderabad police to investigate the Rs. 12.40 crore e-fraud reported at Mahesh Cooperative Urban Bank.

Fraudsters had withdrawn the amount after hacking into servers and transferred the amount from three accounts of the bank to around 120 bank accounts maintained in various banks across the country.

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The officials of the bank had lodged a complaint with the police on Monday while the transactions were made since Saturday. “Almost the entire sum of amount was withdrawn from the three accounts. We suspect collusion on part of some insiders,” said a senior official of Hyderabad police.

Acting swiftly, the police reached out to the officials of the banks into which the money was transferred and managed to stop transfer of around Rs. 2 crore. However, the fraudsters had by then withdrew or transferred the remaining amounts to other e-wallets or bank accounts.

The police issued notices to the banks which facilitated the transfer and withdrawal of such huge amounts from the accounts used by the fraudsters. They were asked to provide details of the persons who held these accounts.

On Monday, the police questioned a few persons who work with the IT department of the bank to know about the procedure adopted by them while maintaining the accounts.

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