a hacker with bank symbol and cash

The investigation into the ₹11.55 crore cyber fraud targeting the Himachal Pradesh State Cooperative Bank has made significant progress, with four individuals recently arrested across several states. While two of the suspects have been remanded to judicial custody, the other two were released on notice, reflecting the complex nature of this ongoing investigation into the sophisticated server hacking incident.

The arrests were part of a coordinated operation that spanned Maharashtra (Mumbai), Rajasthan, Delhi, and Uttar Pradesh. Among the four arrested, two individuals had bank accounts showing transactions ranging from ₹16 lakh to ₹48 lakh linked to the fraud and have been placed in judicial custody. Their accounts have been seized as evidence. The other two suspects were released after receiving a notice, reportedly due to the smaller amounts of illicit funds in their accounts and a perceived lack of cooperation with the investigation. The cyber police have indicated that more suspects are being monitored, particularly those with significant transaction amounts.

Unraveling the Modus Operandi and Expanding the Investigation

The brazen cyber attack, which led to the theft of ₹11.55 crore, took place on May 11th and 12th, during a holiday period, indicating that the fraudsters deliberately chose this timing. The perpetrators allegedly hacked the mobile phone of an account holder at the Hatli branch of Chamba, subsequently siphoning off the substantial sum from the State Cooperative Bank. Current investigations suggest the extensive use of “mule accounts” to facilitate the fraudulent transactions, a common tactic in large-scale cybercrimes to obscure the money trail.

A second team of cyber police is actively working to track down additional individuals involved in this case. Their focus is on identifying and apprehending those whose accounts received the illicit funds, with the aim of dismantling the entire network responsible for the fraud. The scale of the operation indicates a well-organized syndicate, and the police are diligently piecing together all aspects of the crime.

Awaiting Report from CERT-In and Future Directions of the Investigation

A critical element in this investigation is the report from the Indian Computer Emergency Response Team (CERT-In) in New Delhi. CERT-In has been conducting its own investigation, and its findings are highly anticipated. This report is expected to provide significant insights into the methods used to execute the fraud, including details about the server hacking, and may offer further clues regarding the identities and tactics of the fraudsters. As of now, the report has not yet been submitted, but its insights are deemed essential for advancing the investigation.

The cyber police remain vigilant, stressing that the probe is far from complete. With more suspects under scrutiny and the crucial CERT-In report pending, authorities are optimistic about uncovering the full extent of this elaborate financial crime and bringing all perpetrators to justice. The ongoing efforts aim not only to recover the stolen funds but also to enhance cybersecurity measures to prevent similar incidents in the future.