The investigation into the hacking of A.P. Mahesh Co-operative Urban Bank Limited's servers has been taken up by Hyderabad city police's cybercrime officials.
The Bank has achieved a position of prominence by not sacrificing the spirit of cooperative ideals, while also attempting to integrate and implement innovative techniques of work organization and administration, all while remaining committed to its goals.
According to authorities, the incident occurred around 12 p.m. after bank staff discovered unauthorized access and over Rs. 12.50 crore was deposited to more than 100 trust funds in Telangana. Nearly 2.5 crores of the combined worth of the unauthorized charges have already been frozen by the police. Some individuals hacked into the bank's servers before logging into the major accounts and transferring the funds to over 100 separate bank accounts.
The fraud was discovered by bank personnel, and a report was filed at the Hyderabad Cybersecurity police station after testing. A preliminary investigation was undertaken by the police, who investigated Mahesh Bank's main branch and examined the security features and procedures used by the management. Bank payment channels operate 24 hours a day, seven days a week, including holidays, and officials are constantly monitoring them.
Three clients in Mahesh Bank's two city branches were reportedly questioned about the scam. The authorities were also looking into the connection between suspects and account holders at other banks across the country.
Four teams have been created to examine the crime, according to Addl. Commissioner (Crimes) A.R. Srinivas, and bank personnel in the technical departments have been questioned. The money was transferred to 128 accounts in multiple banks in Delhi, Bihar, and the northeastern provinces by the cybercrooks.
The RBI has awarded the Bank an Authorised Dealer – Category – II license, allowing it to conduct money transfer activity as well as certain non-trade current account transactions. In the states of Telangana and Andhra Pradesh, Mahesh Bank is the first Co-operative Urban Bank to have this license.
According to a police officer, a case has been filed and an investigating team has visited the bank's core branch. It is worth noting that, this is considered to be the city's first e-fraud attack on a bank.
