- Three more arrests raise total to 10 in Bhavnagar bank hacking case
- Hackers exploited vulnerability in Core Banking System to siphon Rs 7.34 crore
- The Gujarat CID Crime said the investigation into the wider cybercrime network is continuing
The Cyber Centre of Excellence of the Gujarat CID Crime has arrested three more people in connection with the alleged hacking of The Bhavnagar District Co-operative Bank Limited, taking the total number of arrests in the case to 10.
According to investigators, the cybercrime syndicate allegedly breached a vulnerability in the bank's Core Banking System (CBS) software and siphoned off Rs 7.34 crore through a sophisticated digital fraud.
CID officials said the hackers exploited a flaw in the banking software, which they suspect may have affected 14 to 15 other banks across the country. The claim is currently under investigation.
According to the probe, the accused allegedly gained access to four dormant bank accounts, changed the mobile numbers linked to them and manipulated the banking system to display fake balances ranging from Rs 1 crore to Rs 2 crore in each account.
Investigators said the group created unauthorised virtual credits worth Rs 7,34,91,682 before transferring the money into 135 different bank accounts to conceal the trail. Police allege that these accounts had been obtained from individuals who allowed their accounts to be used in exchange for commissions.
The three latest arrests include Anil Dharmeshbhai Agravat from Surat, who allegedly rented out his bank account to the syndicate, and Bhumil Nayankumar Patel and Vikas Pokharmal Choudhary, who are accused of setting up internet banking access and managing credentials used to transfer the funds.
The Gujarat CID Crime said the investigation into the wider cybercrime network is continuing. The agency has also advised people not to rent out their bank accounts, ATM cards or cheque books to others, warning that such accounts are often used to launder money obtained through cyber fraud.
