The Maharashtra cyber police recently announced a major breakthrough in a cyber fraud case, where they were able to recover a substantial amount of Rs 32 crore out of the total Rs 40 crore lost by a private bank in Mumbai. This incident is considered one of the largest cases of cyber fraud in the state in terms of the money involved.

According to the cyber police, the key suspect in this case is the manager of the bank’s Hyderabad branch, who allegedly executed unauthorized transactions leading to the huge loss. The swift action taken by the authorities was instrumental in recovering a significant portion of the stolen funds. The timely reporting of the crime on the National Cybercrime Reporting Portal (NCCRP) enabled Maharashtra Cyber to engage with the banks involved in the transactions and freeze the accounts where the money was transferred.

It was discovered that the Hyderabad branch manager had made two illegal transactions amounting to Rs 15 crore and Rs 25 crore without the necessary authorization from the bank’s head office in Mumbai. Subsequently, the money was distributed among nearly 20 accounts by the suspect. While the First Information Report (FIR) was lodged in Hyderabad, the complaint was filed from Mumbai.

An official from the cyber police department revealed, “Our team sprang into action upon receiving the complaint on July 19, pertaining to a significant amount of fraudulent transactions totaling Rs 40 crore. With a sense of urgency, we immediately initiated our follow-up procedures.” He further stated, “Our team swiftly collaborated with the relevant financial institutions involved in the transactions. By evening, we successfully placed a hold on approximately Rs 31 crore of the fraudulent amount. To date, our efforts have led to the recovery of Rs 32.89 crore.”

While the Hyderabad police are actively pursuing the criminal investigation and tracking down the accused, Maharashtra Cyber played a crucial role in retrieving the lost funds. The agency is responsible for handling cyber crime complaints registered on the NCCRP portal for the state of Maharashtra, in addition to operating the national cyber-crime helpline 1930.

The officer disclosed that the helpline receives an average of 4,000-5,000 calls daily with a 100% response rate. With 20 operational lines and a dedicated team of over 110 professionals working in shifts, they ensure round-the-clock availability. Between 2021 and July 26, 2024, a total of 2,81,019 complaints were registered, involving fraudulent transactions totaling Rs 3,324.90 crore, out of which Rs 358.77 crore was successfully put on hold.

The successful recovery of a significant portion of the stolen funds in this cyber fraud case showcases the efficiency and dedication of the Maharashtra cyber police in tackling such sophisticated financial crimes. Their proactive approach and collaboration with financial institutions have proven to be effective in combatting cyber fraud and ensuring the protection of financial assets.

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