The amount was transferred to five different accounts by the hackers in one day.
Giving details of the cyber crime, DCP Dhruman Nimble said Arun Beri, who runs a garment factory on GT road near Sarala chowk in Ludhiana, has an account in the Clock Tower branch of a bank.
A case under different sections of IPC and the IT Act was registered yesterday following his complaint.
Mr Beri told the police that he had got emails regarding the transactions in the early hours of July 18.
Mr Beri also told police officials that the hackers got a duplicate SIM card from a local dealer after submitting a letter at the company's office stating that the original SIM was lost.
"The victim has not ruled out the possibility of connivance of a bank employee in this fraud. He said his internet banking has a limit of withdrawal of Rs 5 lakh per day... then how could someone transfer Rs 69.90 lakh from a single account in one day. We have launched investigations acting on his complaint after registering a case," Mr Nimble said.
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