₹48 Cr cyber heist in Bengaluru: Dubai-based International gang behind the scam

The tech capital of India, Bengaluru, has once again witnessed a major breach in cyber security. A massive cyberattack on the accounts of a leading private finance company, Wisdom Finance Pvt. Ltd., has come to light. Bengaluru police have arrested two suspects in connection with the case.

According to officials, hackers used foreign IP addresses to illegally transfer a whopping ₹48 crore from the company’s bank accounts to several others. Preliminary investigations revealed that the entire operation was masterminded from Dubai with the support of an international hacker network.

Fraud Exposed Through Foreign IPs

The case surfaced after the company’s senior manager lodged a complaint with the Cyber Crime Police on August 7. He reported that on August 6 and 7, unauthorized transactions had taken place from the company’s bank accounts. An internal audit revealed that these transactions were carried out using foreign IP addresses.

Following a detailed investigation, police discovered that the hackers executed 1,782 transactions, transferring over ₹47 crore to 656 different accounts. The first arrest in the case was made on September 25, when a man who received ₹27.39 lakh was taken into custody.

Dubai Hub of the Operation

As the investigation progressed, police uncovered strong international links behind the cyber heist. Two individuals based in Dubai were identified as the masterminds. They reportedly rented five servers and hired professional hackers from Hong Kong to carry out the crime.

According to investigators, the hackers exploited vulnerabilities in the bank’s API system to initiate unauthorized fund transfers. They also used IP addresses from Hong Kong and Lithuania to mask their activity.

Police Trace Money Trail

Out of the misappropriated funds, police have traced about ₹5.5 crore to the account of a private company based in Hyderabad. Efforts are underway to recover the diverted funds and locate the remaining members of the cybercrime syndicate.

This high-profile cyber fraud has once again underscored the urgent need for financial institutions to tighten their digital security frameworks and implement stronger safeguards against sophisticated cyber threats.