According to Maharashtra Cyber, which reported the recovery of 31.89 crores out of 40 crores allegedly fraudulently transferred from IndusInd Bank to 20 different mule accounts on Friday, the agency said. As a result of the fraud, more than $4.2 million were stolen from ATMs around the country, while police are still looking for the remaining $2.87 million. 

It has been reported that IndusInd Bank in Mumbai has reported a loss of Rs 40 crore as a result of an unauthorized transaction which took place on their network. Maharashtra Cyber Police, responsible for detecting and responding to cyber frauds in the state, has managed to recoup Rs 32 crore as a major achievement in one of the state's largest cases of cyber fraud. According to the bank's Hyderabad branch manager, he is being held responsible for making unauthorized transactions on behalf of the bank. 

By improving the reporting process through the National Cybercrime Reporting Portal (NCCRP), the Maharashtra Cyber Police were able to take swift action on the report of the cybercrime within a short period. With such a prompt response, the authorities were able to track down and freeze the fraudulent accounts in a short period. In addition to the fraudulent transactions, the Hyderabad branch manager also made two significant transfers of Rs 15 crore and Rs 25 crore with no authorization from the Mumbai head office on whether these transfers should be carried out. 

A total of nearly 20 accounts were involved in the disbursement of the funds. Even though the Hyderabad police department registered the FIR, it was Mumbai that originally made the complaint. The team’s efforts and process continued, resulting in blocking a total of ₹32.89 crore till July 25 in 11 bank accounts in India. The fraud managed to withdraw ₹4.24 crore from different ATMs of the bank, said Shintre. Efforts are still on to recover the remaining money,” he added. 

The amount was transferred to different banks from the Hyderabad branch, so an FIR has been registered there, and the Hyderabad police are investigating the case. After the Maharashtra Cyber Police team got wind of the complaint on July 19, one of its officers explained that the team immediately started pursuing the matter. In coordination with all finance intermediaries responsible for the processing of the money, they were able to place a hold on approximately Rs 31 crore by 6 PM on the same day. 

IndusInd Bank's Bandra Kurla Complex branch, which is located at the Bandra Kurla Complex (BKC), was alerted to the fraud through their helpline number after informing the cyber police about the fraudulent transactions. It was only after the cyber police took action that they were able to freeze the accounts worth 312.890 crores, which were held in various banks. According to the report, the team noticed on July 19 that there has been significant fraud involving transactions amounting to approximately $40 crore that have been reported. 

Following the realisation of the urgency of the situation, a team was immediately formed, and the following morning a follow-up process was initiated and immediate coordination was initiated with the appropriate financial intermediaries involved in the transactions. This resulted in an approximate saving of approximately 31 crores by 6 pm that day," said Shintre. A total of 31.89 crores of currency worth 32.89 crores were blocked from 11 bank accounts in India as a result of the team's work and process up until July 25. 

Shintre informed the press that the fraudster was able to withdraw a total of Rs.4.24 crore from ATMs across the bank. The team is constantly working on recovering the remaining money to get it back," he stated. It is believed that the money from the Hyderabad branch was transferred to different banks, which is why an FIR was filed there, and the Hyderabad police are presently investigating the situation. 

In the past three and a half years, Maharashtra Cyber has received 281,019 reports of cyber fraud, resulting in a staggering loss of approximately ₹3,325 crore to complainants across the state. During this period, efforts by the Cyber Police have successfully blocked and safeguarded around ₹358.77 crore in transactions through banking channels. 

The scale of the issue is reflected in the daily volume of calls received by Maharashtra Cyber's helpline number, 1930, which averages between 4,000 and 5,000 calls. To manage this influx, the organization operates 20 functional lines manned by a dedicated workforce of over 110 individuals working round-the-clock. A specialized team of 10 personnel focuses exclusively on follow-up procedures, liaising directly with banks and law enforcement agencies to expedite the resolution of complaints. 

Additionally, Maharashtra Cyber has implemented dedicated Artificial Intelligence (AI) units across various branches. These units facilitate data analysis, pattern recognition, digital forensics, and behavioural analysis, significantly aiding investigators in their efforts. From 2021 to July 26, 2024, the helpline recorded a total of 281,019 complaints, resulting in the recovery of ₹3,324.90 crore from fraudulent transactions, with an additional ₹358.77 crore placed on hold. This underscores the effectiveness and commitment of Maharashtra Cyber in addressing and mitigating cybercrime incidents. Ongoing investigations are aimed at ensuring compliance with RBI regulations and enhancing internal banking checks to prevent future occurrences.