Cosmos Bank heist: Two arrested for online fraud of `89L

ST CORRESPONDENT
Wednesday, 12 September 2018

A month after the Cosmos Bank online heist of Rs 94 crore, officials of the Chatuhshrungi police have made two arrests in the case, in which the accused were involved in withdrawing Rs 89 lakh from different ATMs using cloned debit cards.

Pune: A month after the Cosmos Bank online heist of Rs 94 crore, officials of the Chatuhshrungi police have made two arrests in the case, in which the accused were involved in withdrawing Rs 89 lakh from different ATMs using cloned debit cards.
 
The arrested accused are been identified as Fahim Mehfooz Shaikh (27), a resident of Noorani Complex in Bhiwandi and Fahim Azim Khan (30), a resident of Sillod in Aurangabad.

The arrested accused were produced in the Shivajinagar court and were remanded to a seven-day police custody.
 
As per the remand report submitted by the police, Fahim Shaikh and Fahim Khan were involved in withdrawing cash from different ATMs in Kolhapur between 3 pm to 10 pm on August 11.

The accused used 95 cloned cards to withdraw Rs 89 lakh and till now, the police have recovered Rs 3.55 lakh from them.

Initial investigation of the city police, along with cyber crime cell of the city police, has revealed that in India, 413 cloned debit cards were used in different cities to withdraw around Rs 2.5 crore in 2,800 transactions.
 
Similarly, till now, the police have found that in total, 5,102 debit cards were cloned and used by fraudsters on a global level to siphon off Rs 83 crore and the police investigation is still in progress to find details of all cash withdrawn at a global level. 
The police are in touch with the Interpol, CBI, 237 banks and other police sources to solve the case as the data with Cosmos Bank reflects that cash was withdrawn in 29 different countries, including India. 

The police have also booked five others in the case, who could only be identified as Mahesh Rathod, Kunal, Ali, Mohammad and Anthony.
 
The fraudulent transactions were carried out on August 11 and August 13 through ATMs located in 29 different countries.
  
The cards of the cooperative bank customers that were cloned were of Visa and Rupay. Cosmos Bank officials then lodged a case of malware attack at Chatushrungi police.
 
The bank had earlier maintained that the Core Banking System (CBS) was not attacked and the malware attack was on the switch, which is operative for payment gateways of Visa and Rupay debit cards.
 
The bank officials had said that after cloning Visa and Rupay debit cards of bank account holders, a ‘parallel’ system to the National Payment Corporation of India (NPCI) was used by hackers to self-approve the transactions and withdrew over Rs 94 crore.

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