The Central Bureau of Investigation (CBI) launched a major crackdown on a transnational cyber fraud network, conducting searches across Delhi and Gurugram. The investigation, stemming from a Union Home Ministry complaint, revealed a sophisticated operation involving foreign actors and ‘mule accounts’ to launder millions. Incriminating evidence, including electronic devices and financial records, was seized, leading to arrests in a continuing fight against international cybercrime.
An Enforcement Directorate (ED) team conducting searches in a cyber fraud and money laundering case was attacked at a farmhouse in Delhi’s Bijwasan area. The attack, allegedly perpetrated by suspects linked to the PYYPL app, resulted in minor injuries to an ED officer. The investigation involves a complex network of fraudulent activities, including phishing, QR code scams, and the use of thousands of ‘mule’ accounts to launder money into cryptocurrency.
A retired engineering college principal from Hyderabad has fallen victim to a sophisticated cyber fraud, losing ₹8.1 crore in a scam involving fake stock apps and misleading IPO allotments. The incident serves as a stark reminder for investors to be vigilant against online scams.
A gang of inter-state cyber fraudsters allegedly defrauded Vardhman Group Chairman SP Oswal of ₹7 crore. Punjab Police have arrested two members of the gang and recovered ₹5.25 crore. The fraudsters, using a fake arrest warrant and threats of digital arrest, tricked Oswal into withdrawing funds from his bank accounts. The police are actively pursuing the remaining members of the gang, all of whom are from Assam and West Bengal.
India’s economic growth slowed to a 15-month low in the April-June quarter, while the stock market hit record highs. The merger of Vistara and Air India is set to take effect on November 12th, and Prime Minister Modi urged regulators to address cyber fraud. In other news, India’s fiscal deficit reached 17.2% of the full-year target, and Adani Ports is acquiring a majority stake in Astro Offshore.
The Uttar Pradesh Madhyamik Shiksha Board (UPMSP) has issued a stern warning to students and parents about cyber fraudsters targeting those who have applied for scrutiny of Class 10 and 12 exam results. These fraudsters are making fraudulent calls, offering to increase marks and guarantee passing in exchange for money. The UPMSP strongly advises against falling for such scams and urges students and guardians to report any suspicious phone calls immediately to the District School Inspector. The board emphasizes that sharing personal information or making payments to these fraudsters should be strictly avoided. The UPMSP has assured that appropriate legal action, including FIRs, will be taken against those involved in such fraudulent activities.
A retired MNC director residing in Mumbai fell prey to a cyber fraud amounting to nearly Rs 25 crore. Fraudsters posing as police and CBI officers intimidated her, claiming she was under investigation for money laundering. The victim, a senior citizen, sold her and her mother’s shares and mutual fund investments, and even obtained a gold loan to pay the fraudsters over a two-month period. Despite attempts to retrieve her funds, she failed, prompting her to file a complaint with the Mumbai police. The cyber police branch initiated a probe, freezing 31 bank accounts connected to the fraud.
The Indian government, SBI Cards and Payment Services Ltd, and telecom operators are collaborating to develop a solution to address the increasing threat of cyber fraud and phishing attacks in the banking sector. The solution involves monitoring both the registered address and geolocation of customers where a one-time password (OTP) is delivered. Any inconsistency between the two locations will trigger an alert to customers about a potential phishing attempt. This measure aims to strengthen the second factor of authentication for digital payment transactions, which has been compromised by sophisticated OTP theft techniques employed by fraudsters.
In response to the increasing prevalence of cyber fraud and phishing attacks targeting India’s banking sector, the nation’s Home Ministry, SBI Cards and Payment Services Ltd (SBI Card), and telecom operators have collaborated to develop a innovative solution. This solution aims to safeguard the secure delivery of One-Time Passwords (OTPs) and prevent phishing attempts by tracking customers’ geolocations.
