Tag Archives: bank fraud

Newsbeat

Cybercrime Probe Bank Staff’s Role in Fraud Surge

Cybercrime officials are looking into the involvement of bank staff in the increasing number of fraud cases, where criminals use ‘mule accounts’ to deceive people.

Recently, investigators discovered that fraudulent accounts, including current accounts, were being opened in banks in Hyderabad and across India. Basic verification processes were often ignored by bank employees, and large suspicious transactions went unnoticed.

Despite the Telangana Police conducting awareness programs and alerting bank management about these issues, bank staff have continued to neglect proper verification. As a result, criminal charges are now being brought against those involved. Two bank employees in Hyderabad have already been arrested for their role in a major financial fraud.

The investigation also revealed that brokers help fraudsters open these mule accounts using other people’s credentials in exchange for a commission. Some bank officials are suspected of receiving bribes to overlook these fraudulent activities.

Telangana Police have written to the Reserve Bank of India (RBI), urging them to enforce stricter verification procedures for new bank accounts. The police are also conducting awareness programs for bank employees in the state, and coordinating with RBI and local police in other areas to ensure compliance with guidelines.

Source.

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Newsbeat

Mastermind of Rs 300 Crore Bank Scam Arrested in UP

Prime Accused in Rs 300 Crore Bank Scam Arrested in Vrindavan Living as a Sadhu

The prime suspect in a massive Rs 300 crore bank scam in Maharashtra was arrested in Vrindavan, Uttar Pradesh, where he had been hiding by pretending to be a sadhu (holy man).

 

Babban Vishwanath Shinde, who is believed to be the mastermind behind the Jijau Masaheb Multi-State Bank scam, was caught on September 25 by a joint team of Maharashtra police and local authorities. Shinde had been on the run since the scam was uncovered, and his arrest is seen as a big breakthrough in the case.

 

According to Arvind Kumar, the police official from Mathura, local intelligence helped track Shinde down. Based on a tip-off, authorities found his location in Vrindavan and arrested him without any trouble.

 

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After the arrest, Shinde was brought back to Maharashtra and presented before a court, which handed him over to the investigating team. More details about the case and charges against him will be shared soon.

 

The Jijau Masaheb Bank scam involved fake loans and misused funds, causing huge losses for the bank and its customers. Shinde’s arrest has given hope to the victims, with expectations that the case will move forward quickly.

 

Source.

Newsbeat

Hyderabad Cybercrime Busts Bank Credential Sellers

Hyderabad Cybercrime Police Nab Two for Selling Bank Credentials to Fraudsters

In a crackdown on cybercrime, Hyderabad Cybercrime police arrested Bhura Ram (alias Raju Bhai) and Ramchandra (alias Ganesh Ram), both from Rajasthan. The duo is accused of selling bank account credentials to cyber fraudsters.

These credentials were then used by the fraudsters to trick victims into transferring money. The police investigation revealed that Bhura Ram had sold details of a staggering 47 bank accounts to an individual named Berlin. Berlin, in turn, shared this information with cybercriminals who used it to target unsuspecting victims.

The scam involved Bhura Ram and Ramchandra luring people into opening bank accounts and then stealing their login details. These details, including usernames, passwords, and possibly debit card information, were then sold to Berlin for a commission of around 20%.

The impact of this operation was significant. The 47 compromised accounts are linked to a total of 507 cyber fraud cases registered across India, with 67 of those cases occurring in Telangana alone. Thankfully, swift action by the Hyderabad Cybercrime police led to the freezing of Rs. 1.44 crore in these bank accounts.

This case highlights the dangers of sharing bank account details and serves as a reminder to be cautious when opening new accounts.

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Newsbeat

Senior government official loses Rs 7 lakh to cyber fraudsters in Hyderabad

Hyderabad: A senior government official working in the Chief Minister’s Office (CMO) was duped of Rs 7 lakh by cyber fraudsters on October 15.

The victim, D Sridhar, who works as OSD in CMO, had searched for customer care numbers of a bank in an online search engine. He found a number and contacted the person who claimed to be an executive of the bank. The executive assured to help Sridhar with his problem.

However, the executive turned out to be a fraudster. He tricked Sridhar into revealing his bank details and OTP. On October 15, Sridhar found Rs 7 lakh debited from his bank account. He immediately complained on cyber crime helpline 1930.

The cyber crime police registered a case and are investigating. They have been able to stop the transaction of Rs 3 lakh, but the remaining Rs 4 lakh has already been transferred to the fraudsters’ account.

The police are urging people to be careful when searching for customer care numbers online. They should always visit the official website of the bank or company to get the correct contact information.

Tips to avoid cyber fraud:

  • Never share your bank account details or OTP with anyone, even if they claim to be from a bank or other trusted organization.
  • Be careful when clicking on links in emails or SMS messages. Always hover over the link to see the actual URL before clicking on it.
  • Keep your software up to date. Software updates often include security patches that can help protect you from cyber attacks.
  • Use a strong password manager to create and store unique passwords for all of your online accounts.

If you think you have been a victim of cyber fraud, report it to your bank and the police immediately.

Newsbeat

Deputy Manager Arrested for Stealing Rs 8.6 Crore to Fund Online Betting

A 29-year-old deputy manager of a private bank in Warangal, Telangana, has been arrested for stealing Rs 8.6 crore to fund his online gambling habit.

The banker, identified as P. Ramesh, was working at the bank’s Narsampet branch. He allegedly siphoned off the money over a period of two years by forging documents.

Ramesh used the money to gamble on online betting websites. He was arrested after the bank’s internal audit department found discrepancies in his accounts.

The police are investigating the case and are trying to trace the money that Ramesh has gambled away.

Ramesh is the latest in a string of bankers who have been arrested for stealing money to fund their gambling habits. In recent years, there has been a growing problem with online gambling addiction, and banks have been increasingly targeted by criminals.

This case highlights the need for banks to have strong internal controls in place to prevent fraud. It also serves as a warning to gamblers about the dangers of addiction.

The police are urging anyone who has information about Ramesh’s gambling activities to come forward. They are also asking anyone who has been scammed by him to contact them.

The case is a reminder of the dangers of online gambling addiction. If you or someone you know is struggling with a gambling addiction, there are resources available to help. Please visit the National Council on Problem Gambling website for more information.