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Bengaluru police bust Rs 854 crore cyber fraud; know the details

IndianStartupNews

IndianStartupNews · 1y ago

Bengaluru police bust Rs 854 crore cyber fraud; know the details

The Bengaluru Police have arrested six individuals involved in a cyber fraud scam worth Rs 854 crore. The fraudsters deceived victims across India by promising high daily profits on small investments through WhatsApp and Telegram. They collected the funds in various bank accounts and laundered the money through online payment modes, including cryptocurrencies. This case highlights the rising concern of cyber fraud in India, with financial fraud accounting for over 75% of cyber crimes in the country.

Related News

Cyber Fraud Scheme in Bengaluru How Two Men Defrauded ₹854 Crore from 84 Accounts

Business Bytes

Business Bytes · 1y ago

Cyber Fraud Scheme in Bengaluru How Two Men Defrauded ₹854 Crore from 84 Accounts

In a shocking cyber fraud scheme, two individuals in Bengaluru masterminded the misappropriation of ₹854 crores from 84 accounts. Targeting victims through messaging platforms like WhatsApp and Telegram, the fraudsters promised daily returns on investments, reeling in unsuspecting victims. The stolen funds were distributed across various platforms, including gaming apps, cryptocurrency transactions, and online casinos. Although the main operators were suspected to be based in Dubai, the Bengaluru Cyber Crime police successfully apprehended the perpetrators and their accomplices. This case underscores the importance of cybersecurity and vigilance against lucrative investment scams.

Bengaluru police bust Rs 12 Cr fraud targeting CRED

Entrackr

Entrackr · 8m ago

Bengaluru police bust Rs 12 Cr fraud targeting CRED

Bengaluru police have arrested four individuals, including an Axis Bank manager, for allegedly embezzling over Rs 12 crore from Dreamplug Paytech Solutions. Dreamplug operates fintech unicorn CRED. According to a Times of India report, the arrested individuals are Vaibhav Pithadiya, an Axis Bank relationship manager based in Rajkot; Parmar Neha Ben Vipulbhai, a banking agent from Surat; Shailesh, an insurance agent from Rajkot; and Shubham, a commission agent from Rajkot. The arrests were made following a complaint by Narasimha Vasanth Sastry, an executive from CRED. The fraud was uncovered on November 12 when Dreamplug executives detected unusual activity in their bank accounts. They found that Rs 12.2 crore had been fraudulently withdrawn from two Axis Bank accounts – a current account and a nodal account opened in 2021. The report added that the fraudsters carried out 37 transactions over 14 days, between October 29 and November 11, transferring Rs 12.2 crore to multiple accounts across the country.

Will act with alacrity on cyber fraud cases: Police assure Bombay HC

Economic Times

Economic Times · 4m ago

Will act with alacrity on cyber fraud cases: Police assure Bombay HC

The Bombay High Court was assured by the city police that they will act swiftly on cyber fraud complaints, emphasizing the need to educate and promptly register FIRs for such cases. This assurance came during a hearing of a petition by a woman who suffered a substantial financial loss due to cyber fraud. The court also directed the involvement of Maharashtra Cyber Security Corporation and emphasized sensitizing police officers to handle such cases effectively.

Cybercrimes on rise: Tamil Nadu Police warns public; Chennai, Coimbatore, tier-II cities vulnerable

Economic Times

Economic Times · 9m ago

Cybercrimes on rise: Tamil Nadu Police warns public; Chennai, Coimbatore, tier-II cities vulnerable

The Tamil Nadu Police has issued a warning about the increasing number of cybercrimes in the state, particularly in Chennai and Coimbatore. Between January and August 2024, there were 1,679 registered cybercrime cases, with financial fraud being the most common. These scams have led to a loss of about Rs 189 crore. The police have urged the public to be cautious of various scams, such as online share trading fraud and fake job offers. They have also advised victims to report the crimes promptly on the National Cyber Crime Reporting Portal to increase the chances of freezing the scammers' bank accounts.

Karnataka open to partnering with Meta for cybersafety: State IT Minister Priyank Kharge

Economic Times

Economic Times · 1y ago

Karnataka open to partnering with Meta for cybersafety: State IT Minister Priyank Kharge

Karnataka's IT Minister, Priyank Kharge, expressed interest in exploring partnerships with Meta to enhance digital cyber safety, particularly for women and children. He highlighted the need to prevent youngsters from falling into the trap of fraudulent loan apps. Kharge also mentioned discussions with Meta to tackle misinformation and disinformation online. Cybercrime cases in Karnataka accounted for over 20% of total police registrations last year, resulting in a daily loss of Rs 1 crore to cyber fraud. The state aims to increase awareness and recovery of lost funds in such cases.

Govt blocked 1,700 Skype IDs and 59,000 Whatsapp accounts used for digital arrest fraud, says minister

Economic Times

Economic Times · 8m ago

Govt blocked 1,700 Skype IDs and 59,000 Whatsapp accounts used for digital arrest fraud, says minister

The Indian Cyber Crime Coordination Centre (I4C) has blocked over 1,700 Skype IDs and 59,000 WhatsApp accounts involved in digital fraud, according to the Ministry of Home Affairs. The I4C's 'Citizen Financial Cyber Fraud Reporting and Management System' has also saved over Rs 3,431 crore by preventing financial fraud. The government has blocked over 6.69 lakh SIM cards and 1.32 lakh IMEIs, while also developing a system to identify and block incoming international spoofed calls used by cyber criminals. The I4C has established a Cyber Fraud Mitigation Centre and launched a suspect registry to tackle cybercrime.

Indonesia arrests over 100 Taiwanese for alleged cyber fraud

Economic Times

Economic Times · 1y ago

Indonesia arrests over 100 Taiwanese for alleged cyber fraud

Indonesian police have apprehended over 100 Taiwanese individuals at a villa in Bali for suspected cyber fraud. These arrests highlight the growing concern surrounding cyber fraud groups in Southeast Asia, with authorities in China, Indonesia, and Malaysia intensifying their efforts to combat them. The group was found with numerous electronic devices and is accused of conducting online scams targeting Malaysians. While authorities cannot bring charges against them due to jurisdictional issues, they plan to work closely with relevant agencies, including those in Malaysia. The individuals will be deported after further questioning. Indonesia previously confronted international cyber fraud networks with the help of Chinese authorities.

How Mahindra Finance unearthed a ₹150 cr employee-dealer fraud

Livemint

Livemint · 1y ago

How Mahindra Finance unearthed a ₹150 cr employee-dealer fraud

Non-bank financier Mahindra and Mahindra Financial Services has reported a fraud involving retail vehicle loans at one of its branches in the northeast region of India. The fraud included forgery of know-your-customer (KYC) documents, leading to significant embezzlement of funds, estimated at up to ₹150 crore. Several arrests have been made by the Mizoram police, revealing details of the fraud. The company's processes and investor confidence are expected to be impacted by the incident, according to analysts.

Karnataka HC rejects PhonePe plea in cybercrime case; says confidentiality must coexist with accountability

Economic Times

Economic Times · 3m ago

Karnataka HC rejects PhonePe plea in cybercrime case; says confidentiality must coexist with accountability

The Karnataka High Court dismissed PhonePe's petition challenging the authority of cyber police to request merchant data for an investigation. The court emphasized that consumer privacy should coexist with accountability, allowing lawful investigations to proceed. The case involved online betting fraud, and the police sought transaction data from PhonePe. The court ruled that privacy can't obstruct lawful investigations, upholding police powers to obtain information in cybercrime cases, despite PhonePe's objections citing confidentiality laws.

UP man held for cyber fraud in Kerala's Kochi

Economic Times

Economic Times · 7m ago

UP man held for cyber fraud in Kerala's Kochi

A man from Uttar Pradesh, Dheeraj Giri, was arrested for allegedly defrauding a Kochi businessman of Rs 10 lakh via online fraud. Giri used an APK file disguised as an Aadhaar update request to access the One-Time Password needed for transactions. The Kochi city police, with help from India's Cyber Crime Coordination Centre, tracked and arrested him in Greater Noida. Several incriminating items were seized, revealing his involvement in similar frauds across other states.

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