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Main » 2010 » March » 22 » Indian Banker Arrested for Stealing Online Funds | Latest Security News March 22 2010
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Indian Banker Arrested for Stealing Online Funds | Latest Security News March 22 2010
Indian police forces in the state of Tamil Nadu have their hands full with a recent online banking fraud cyber-crime they are currently investigating. After previously arresting three hackers for illegally rerouting funds from a local businessman's bank account, police have arrested another person believed to be involved in the same case as the other three men.
The investigation started after a local business man went to the police and complained that money was hi-jacked from his bank account. Between July 20, 2009, and August 13, the same year, the complainant lost around $60,000 (2.7 million Indian rupees) of his money after his account credentials were compromised. After further investigations, the local police traced the leaks to 19 short attacks from various locations around the world, like Canada and Nigeria. These investigations led the policemen to the three men. Analyzing the hackers' computers, law enforcers discovered transfers of about 500,000 Indian rupees from the victim's account to a local personal computer. That computer was the property of B.S. Sainath Reddy, an assistant vice-president at Axis Bank, a well-known and respected figure in the region. Mr. Sainath Reddy, even if not an employee of the bank where the
businessman was keeping his funds, was accused and arrested on March 10, 2010, for cyber-crime and online fraud. Lead investigator S. Balu, from the Tamil Nadu regional police force, told IDG News on the phone, that the main cause for this fraud might be intercepted messages coming from the bank server, in which the victim was informed of his account ID and password. Investigators also have a lead from the three previously arrested hackers about a fifth man involved in this network, the mastermind that coordinated the attacks and money transfers. Policemen are not sure if this person really exists, or if this is just a strategy for the hackers to get a shorter prison sentence.
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