IndusInd Bank’s Cyber Heist: INR 40 Cr Sent To Multiple Mule Accounts

In a major cyber heist at IndusInd Bank, fraudsters managed to transfer INR 40 Cr from the bank’s customers into various mule accounts of which INR 33 Cr were retrieved by the Maharashtra cyber cell.

As per PTI, the incident was reported by a vigilant bank official on July 19. Following this, Maharashtra Cyber coordinated with relevant financial intermediaries and managed to recover INR 31 Cr that same evening.

Follow-up procedures that have been continuing intensively has taken the amount saved to Rs 32.89 crore, an official was quoted as saying by the report.

This comes at a time when the Reserve Bank of India has issued heightened warnings about mule accounts, and policymakers are intensifying efforts to prevent such accounts from being used in online scams.

This also comes at a time when cyberattacks on Indian websites surged by 261% year-on-year (YoY) in the first quarter (Q1) of 2024, according to a report by security SaaS firm Indusface. 

India topped the list of 95 countries experiencing the highest number of DDoS (distributed denial of service) and bot attacks. In comparison, global cyberattacks increased by 76% YoY during the same period.

This comes at a time when India is witnessing a big spurt in cybercrimes. Multiple Indian startups and companies have fallen prey to cyberattacks. 

On July 18, cryptocurrency exchange WazirX experienced a major security resulting in withdrawals of approximately $234.9 Mn.

In May there was a “possible intrusion and data breach” at the state-owned telecom company Bharat Sanchar Nigam Ltd (BSNL).