The Cyber Centre of Excellence of the Gujarat CID Crime has arrested three more people in connection with the alleged hacking of The Bhavnagar District Co-operative Bank Limited, taking the total number of arrests in the case to 10. Investigators said a cybercrime syndicate exploited a vulnerability in the bank’s Core Banking System software and allegedly siphoned off Rs 7.34 crore through a sophisticated digital fraud.

According to CID officials, the hackers allegedly identified and exploited a flaw in the banking software used by the co-operative bank. Investigators suspect the same vulnerability may have affected 14 to 15 other banks across the country, though the claim remains under investigation. Authorities are now examining whether the alleged cybercrime network targeted additional financial institutions using a similar method.

The investigation found that the accused allegedly gained access to four dormant bank accounts and changed the mobile numbers linked to them. The group then allegedly manipulated the banking system to display fake balances ranging from Rs 1 crore to Rs 2 crore in each account. These unauthorised virtual credits were subsequently used to initiate transactions and move funds through multiple accounts.

Also Read: Retired Bank Manager and Wife Lose Rs 2.2 Crore to Cyber Fraudsters in Ghaziabad

Investigators said the syndicate created unauthorised virtual credits worth Rs 7,34,91,682 before transferring the money into 135 different bank accounts in an attempt to conceal the trail. Police alleged that many of these accounts had been obtained from individuals who allowed their banking facilities to be used by the group in exchange for commissions, helping the accused move the stolen funds.

The three latest arrests include Anil Dharmeshbhai Agravat from Surat, who allegedly rented out his bank account to the syndicate. Bhumil Nayankumar Patel and Vikas Pokharmal Choudhary were also arrested for allegedly setting up internet banking access and managing credentials used to transfer the funds. Their arrests have taken the total number of people held in the case to 10.

The Gujarat CID Crime said its investigation into the wider cybercrime network remains underway as officials examine the suspected software vulnerability and trace the movement of funds. The agency has also advised people not to rent out their bank accounts, ATM cards or cheque books to others, warning that such facilities are frequently used to move or launder money obtained through cyber fraud.

Also Read: CJI Surya Kant Calls Cyber Criminals “Parasites”, Denies Bail In Cyber Fraud Case