MP: Three Relationship Managers Arrested for Hacking Customers' Accounts and Fraudulent Activities
MP: Indore Police have arrested three relationship managers from a private bank and three other individuals on charges of hacking into 12 active customer accounts across four states. The accused were involved in fraudulent activities to purchase mobile phones and digital gold.
Incident Overview
On Wednesday, Indore Police apprehended three relationship managers and three other individuals from a private bank for hacking into 12 active customer accounts across Madhya Pradesh, Punjab, Gujarat, and Telangana. The fraud was orchestrated to purchase high-end mobile phones, watches, and digital gold using stolen funds.
Details of the Arrest
According to an agency, the police seized Rs. 20 lakhs worth of assets, including gaming consoles, watches, and mobile phones, from the accused. Police Dy.SP Abhinav Vishvakarma identified the arrested relationship managers as Kamal Kumawat, Abhishek Malviya, and Stanley Jacob from ICICI Bank. Their accomplices were identified as Lovdeep Singh, Krishna Thakur, and Arunu.
Method of Fraud
The relationship managers exploited the bank’s software to identify active accounts with sufficient funds. They changed the passwords of these accounts by viewing the user IDs and proceeded to log in, making unauthorized purchases of expensive gadgets such as mobile phones, watches, and gaming consoles. Additionally, they purchased gift cards and digital gold, which were later sold to transfer the proceeds to their own accounts.
Recovery and Financial Impact
Approximately Rs. 52 lakhs were refunded to the affected bank customers. The police have also frozen the accused individuals’ bank accounts to prevent further financial transactions. Among the seized items were high-end mobile phones, watches, and gaming consoles. The fraudsters had also acquired SIM cards by defrauding customers in Telangana and destroyed these SIM cards after completing their fraudulent activities.
Police Statement
Police Dy.SP Abhinav Vishvakarma stated, “The accused misused the bank’s software to hack into active accounts, enabling them to make unauthorized purchases of high-value items. We have taken strict action to recover the stolen assets and ensure that the victims receive their refunds.”
Broader Implications
This incident highlights the increasing sophistication of financial frauds and the need for stringent security measures within banking institutions. The misuse of banking software by internal employees poses a significant threat to customer trust and financial security.
The arrest of three relationship managers and three accomplices in Indore underscores the ongoing efforts of law enforcement agencies to combat financial fraud and protect consumers. As banking technology advances, it is imperative for banks to implement robust security protocols to prevent such incidents and safeguard customer assets.
