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Probe of Over Rs 94 Cr Cyber Banking Fraud at Cosmos Bank Soon to get Completed

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A forensics audit of dual cyberattacks against Cosmos Cooperative Bank Ltd here is in an advanced stage and the probe team is likely to complete its task soon, official sources said.

The forensics team was appointed by the country’s second oldest and second biggest (in terms of deposits-advances) cooperative bank immediately after a ‘virtual’ loot of Rs 94.42 crore on August 11 and August 13, shocking the country’s banking industry.

The tentative report will throw light on the modus operandi deployed by an international gang to carry out the fraud and is likely to be submitted shortly.

Cosmos Bank Chairman Milind A. Kale told media that the audit is “in an advanced stage”, but declined to elaborate on the ground that it could affect the ongoing police investigations.

After the fraud came to light at the 112-year-old bank, Kale told the media that the bank will appoint a professional forensics agency to probe the ‘malware attack’.

This week, Pune Police and Maharashtra Cyber Cell completed the verification process of all online transactions during the cyber attack on the bank.

The officials said that the focus is on the international transactions which account for nearly 97 per cent of the total fraud involving 12,000 Visa Card transactions in 28 countries.

Besides, the probe is underway on domestic transactions of Rs 2.50 crore carried out through 2849 RuPay Card transactions.

SWIFT transaction was initiated by the hackers to transfer Rs 13.92 crore to the accounts of ‘ALM Trading Ltd’ in Hang Seng Bank Ltd, Hong Kong.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

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