• Fri. Oct 13th, 2023

Hackers Seized 250 Million Rupees in India in a Sophisticated Cyber Robbery

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ByEsme Greene

Aug 18, 2023
Hackers stole 250M Rupees in India cyber heist
Esme Greene
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In the Indian city of Thana, a significant cybercrime has occurred. Unknown hackers gained access to one of the escrow accounts held by the national bank, which included funds belonging to regional construction firms, and stole over 250 million Indian rupees (or roughly 3 million US dollars) from it.

In order to store money until the transaction between the two parties is finished, an escrow account is formed with a third party, in this case a bank. The target company’s payment gateway was compromised, and the hackers were able to access its database, according to the local police who are looking into the issue. 

The Theft

The cybercriminals were able to steal funds by making several minor transfers to various bank accounts using this database manipulation to considerably raise the amount on the aforementioned account and make the flow of cash harder to track.

On April 14 of this year, company workers found mistakes in their debit and credit accounts. The company’s management learned that its financial gateway had been compromised “after a thorough inquiry,” according to the police.

According to a police official from the Srinagar station, the hackers constructed four phony businesses that were employed as middlemen to transfer money. The National Payments Corporation of India received a complaint about some of these transactions, but the majority of  transfers had already been completed by that point.

The security flaws found in the banking system will assist boost the cybersecurity of Indian businesses in the future. The police are conducting an investigation to find the criminals.

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Esme Greene

Esme brings a wealth of knowledge and experience to our website, specializing in all aspects of DarkWeb security. With a deep understanding of the intricate workings of the DarkWeb and its associated cybersecurity risks, Esme curates insightful and informative content for our readers.