Cybercrime in Focus: How Scammers Used Fake Emails and IDs to Steal Rs. 120 Crores from Abdul Kalam Technical University (AKTU)
In a stunning revelation of cybercrime, the Lucknow police have successfully disrupted a sophisticated fraud operation, recovering Rs. 119 crores from scammers who targeted Dr. A.P.J. Abdul Kalam Technical University (AKTU) and Union Bank. The fraudsters, using fake mail IDs and documents, managed to siphon off a substantial amount of money before being caught. This case underscores the increasing threat of cyber fraud and the relentless efforts of law enforcement to combat it.
The Fraud Unfolds: A Detailed Account
On June 12, 2024, Anju Kumar Saxena, the branch manager at Union Bank, reported suspicious activity involving an offer letter for a Fixed Deposit (FD) of Rs. 100 crores and above. Upon investigation, it was discovered that cybercriminals had created fake mail IDs for AKTU and Union Bank, used forged authority letters and KYC forms, and posed as official operators. They then opened an account in AKTU’s name at Union Bank and transferred Rs. 120 crores from AKTU’s account to their newly created account.
Method of Crime Execution
The criminals executed their plan with meticulous precision:
- Fake Mail IDs and Authority Letters: Fraudsters created fake mail IDs for AKTU and Union Bank, sending emails impersonating these entities.
Cyber Tip: Implementing DMARC and ensuring SPF-DKIM alignment protects your email domain from impersonation.
- Forged Documents: They prepared fake authority letters and KYC forms, presenting them to the bank to open an account in AKTU’s name.
- Deceptive Emails: Emails from the fake mail IDs were sent to Union Bank to authorize the opening of an FD account.
Cyber Tip: By deploying AI-ML enabled email security tools like Checkpoint Harmony can detect and prevent email fraud.
- Fund Transfer: Once the account was opened, Rs. 120 crores were transferred from AKTU’s account to the new account. Rs. 100 crores were further transferred to other accounts via RTGS.
Police Action: Operation and Investigation
Upon registering the case under sections 419/420/467/468/471/120B IPC and 66D IT Act, a specialized task force was formed under the supervision of the Police Commissioner of Lucknow. The task force swiftly activated their information systems and utilized advanced technical resources to track down the suspects. The investigation led them to multiple locations, including Surat, Ahmedabad, and Lucknow, resulting in the arrest of the accused on June 17, 2024. The accused were subsequently lodged at the Cyber Crime Police Station in Lucknow.
Outcome and Recovery
During the investigation, the bank accounts used by the accused to transfer the stolen funds were identified and promptly frozen. This quick action enabled the recovery of Rs. 119 crores, which was returned to the rightful bank account, ensuring minimal financial loss to AKTU.
The swift and coordinated effort by the UP police force has not only brought the perpetrators to justice but also showcased the effectiveness of law enforcement in combating cybercrime. The successful outcome of this case highlights the commendable collaboration between the bank and Lucknow Police. Their vigilance and swift action prevented a major financial loss and brought the perpetrators to justice.
Conclusion
This case serves as a stark reminder of the vulnerabilities that institutions face in the digital age. It also highlights the importance of vigilance and quick action in preventing and mitigating the effects of cyber fraud. The Lucknow police, through their dedication and expertise, have set a benchmark in the fight against cybercrime, ensuring that justice is served and financial integrity is maintained.