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Delhi Police have arrested five people, including a private bank relationship manager, in
connection with an alleged cyber fraud in which ₹12.84 crore was siphoned from the corporate
bank account of Hero FinCorp Ltd.
The Intelligence Fusion and Strategic Operations (IFSO) unit of the Delhi Police Special Cell said the accused allegedly carried out 317 unauthorised digital transactions, routing the money through 34 primary-layer bank accounts without the knowledge or consent of the company's management.
The case was registered on August 21 after Hero FinCorp, a non-banking financial company, detected unauthorised debit transactions from its corporate account through alerts generated by its bank. Police subsequently analysed bank-account details and mobile-phone records linked to the suspected transactions.
The arrested individuals have been identified as Abhay Kumar Solanki of Bulandshahr, Lovely of Kurukshetra, Naman Kumar and Vikas of Jaipur, and Harman of Bikaner, according to police. Vikas, who worked as a relationship manager with a private bank in Jaipur, allegedly helped facilitate bank accounts and introduced other accused persons involved in the alleged operation, police said.
Investigators found that funds were distributed among several accounts. Police said around ₹80 lakh was received in one account, while another allegedly received about ₹40 lakh. An IndusInd Bank account linked to the case received around ₹70 lakh and was associated with 43 complaints on the National Cybercrime Reporting Portal, according to investigators.
Police said the investigation also uncovered an alleged cryptocurrency trail. According to investigators, part of the diverted money was converted into USDT, a cryptocurrency linked to the US dollar, before being transferred to alleged handlers outside India.
Investigators are also examining alleged links between members of the network and groups operating on Telegram. Police said some suspected members based in India and Dubai have been identified, and efforts are underway to trace them. Police further alleged that an APK file was used to operate one of the bank accounts remotely.
Investigators are examining the digital devices and communication records recovered during the probe to establish how the transactions were carried out. During the investigation, authorities managed to place a lien or hold on around ₹1.7 crore in accounts linked to the alleged fraud, according to Delhi Police. Officers also seized mobile phones, cheque books and rubber stamps during searches conducted at multiple locations.
Police said the investigation is continuing and additional members of the alleged network are being traced.
The case highlights the growing complexity of corporate cyber fraud, where unauthorised digital transactions can be combined with multiple bank accounts, remote access, cryptocurrency transfers and cross-border networks to move funds.
The Intelligence Fusion and Strategic Operations (IFSO) unit of the Delhi Police Special Cell said the accused allegedly carried out 317 unauthorised digital transactions, routing the money through 34 primary-layer bank accounts without the knowledge or consent of the company's management.
The case was registered on August 21 after Hero FinCorp, a non-banking financial company, detected unauthorised debit transactions from its corporate account through alerts generated by its bank. Police subsequently analysed bank-account details and mobile-phone records linked to the suspected transactions.
The arrested individuals have been identified as Abhay Kumar Solanki of Bulandshahr, Lovely of Kurukshetra, Naman Kumar and Vikas of Jaipur, and Harman of Bikaner, according to police. Vikas, who worked as a relationship manager with a private bank in Jaipur, allegedly helped facilitate bank accounts and introduced other accused persons involved in the alleged operation, police said.
Investigators found that funds were distributed among several accounts. Police said around ₹80 lakh was received in one account, while another allegedly received about ₹40 lakh. An IndusInd Bank account linked to the case received around ₹70 lakh and was associated with 43 complaints on the National Cybercrime Reporting Portal, according to investigators.
Police said the investigation also uncovered an alleged cryptocurrency trail. According to investigators, part of the diverted money was converted into USDT, a cryptocurrency linked to the US dollar, before being transferred to alleged handlers outside India.
Investigators are also examining alleged links between members of the network and groups operating on Telegram. Police said some suspected members based in India and Dubai have been identified, and efforts are underway to trace them. Police further alleged that an APK file was used to operate one of the bank accounts remotely.
Investigators are examining the digital devices and communication records recovered during the probe to establish how the transactions were carried out. During the investigation, authorities managed to place a lien or hold on around ₹1.7 crore in accounts linked to the alleged fraud, according to Delhi Police. Officers also seized mobile phones, cheque books and rubber stamps during searches conducted at multiple locations.
Police said the investigation is continuing and additional members of the alleged network are being traced.
The case highlights the growing complexity of corporate cyber fraud, where unauthorised digital transactions can be combined with multiple bank accounts, remote access, cryptocurrency transfers and cross-border networks to move funds.
