Four Arrested in Major Rs 7.34 Crore Bank Fraud Scheme
Synopsis
A cyber fraud syndicate has been apprehended, linked to a staggering Rs 7.34 crore theft from a cooperative bank. The operation exploited a core banking vulnerability, leading to significant arrests in Gujarat and Maharashtra.
Key Takeaways
Four individuals arrested in connection with a Rs 7.34 crore bank fraud.
Alleged exploitation of vulnerabilities in cooperative banks' core banking systems .
Link to over 15 cybercrime cases across India.
Authorities have frozen around Rs 2.04 crore of the defrauded amount.
Public warned against sharing bank details with unknown individuals.
Ahmedabad/Mumbai, April 18 (NationPress) A cybercrime syndicate has been dismantled, allegedly responsible for embezzling over Rs 7.34 crore by exploiting a flaw in a cooperative bank’s core banking framework. Four individuals have been apprehended in Gujarat and Maharashtra, as confirmed by officials on Saturday.
The arrests were executed by the Cyber Centre of Excellence in Gandhinagar, pertaining to the breach of the computer system of The Bhavnagar District Co-operative Bank Ltd.
An investigation was initiated after authorities discovered that specific bank accounts had been set up to facilitate the routing of illicit funds, which were subsequently transferred and withdrawn through an extensive network.
Utilizing both human intelligence and technical analysis, the task force took into custody three suspects from Ahmedabad and one from Maharashtra.
The individuals have been identified as Adnan Sheikh, 24, residing in Fatewadi on Sarkhej Road; Rubina Sheikh, 31, from Guptanagar in the Vasna area; Sushilkumar Meghwal, 32, of Rakhial; and Kishor Prabhakar Pardeshi, 43, a Home Guard from Mulund West in Mumbai.
Investigators reported that a search of the suspects’ mobile devices led to the uncovering of information linked to 42 additional bank accounts.
According to checks on the cybercrime portal, this group was implicated in over 15 cybercrime incidents nationwide, with an estimated fraud value of approximately Rs 4 crore associated with those cases.
Registered cases include jurisdictions in Andhra Pradesh (1), Gujarat (2), Haryana (2), Karnataka (5), Maharashtra (1), Tamil Nadu (1), Uttar Pradesh (2), and Punjab (1).
The fraudulent activities originated from a vulnerability in the bank’s Core Banking Service (CBS) software, which has reportedly been exploited in 14 to 15 other banks across the country.
The suspects allegedly targeted four older accounts in the Bhavnagar bank, altered the registered mobile numbers to their own, and activated these accounts.
They subsequently inflated a virtual balance of approximately Rs 7,34,91,682 in these accounts and dispersed the funds into 135 different bank accounts.
Officials indicated that the accused procured bank accounts from individuals by offering monetary incentives and utilized them for moving the illicit proceeds.
So far, authorities have frozen Rs 2,04,33,121 (around Rs 2.04 crore) of the embezzled funds and confiscated four mobile phones.
Authorities warned, “If anyone solicits your bank accounts or SIM cards for rent or any reason, please notify the nearest police station or cybercrime unit.”
They further advised, “Do not rent your bank account, ATM card, or cheque book to any unfamiliar person for any temptation.”
Ongoing investigations aim to uncover the broader scope of the fraud.
Point of View
Vulnerabilities like these can have widespread consequences, emphasizing the need for rigorous security measures and public awareness.
NationPress
5 May 2026
Frequently Asked Questions
What was the total amount involved in the bank fraud?
The bank fraud involved more than Rs 7.34 crore.
Where were the suspects arrested?
The suspects were arrested in Gujarat and Maharashtra.
How many additional bank accounts were linked to the suspects?
The investigation revealed details linked to 42 additional bank accounts.
What kind of bank vulnerability was exploited?
The fraud stemmed from a vulnerability in the bank’s Core Banking Service (CBS) software.
What should individuals do if approached for their bank accounts?
Individuals should report any requests for bank accounts or SIM cards to the nearest police station or cybercrime authorities.
