Hackers syphon off ₹7 crore from Bhavnagar bank server

In a major cyber fraud case, hackers allegedly breached the server of the Bhavnagar District Cooperative Bank in Gujarat and syphoned off around ₹7 crore through unauthorised transactions, officials said.

The incident came to light after about 350 transactions were carried out on Sunday from accounts in four branches of the bank—Talaja, Bharatnagar, Subhashnagar and Sidsar—with the funds transferred to accounts in different banks.

Officials said cyber criminals managed to gain access to the bank’s software system and execute multiple transfers.

It is worth noting that it is the first such incident in Gujarat where a bank’s server itself has been hacked to syphon off funds.

The case is being investigated by the State Cyber Cell based in Gandhinagar. The bank is also preparing to lodge a formal complaint with the state cyber authorities, as cases involving cyber fraud of more than ₹2 crore are handled by the state-level agency.

Preliminary investigation has revealed that the hackers accessed the bank’s software system through a mobile application and bypassed the data security of the four branches. More than 350 transactions were carried out, each reportedly with a maximum transfer limit of ₹2 lakh, with the money routed to various bank accounts.

Investigators said digital evidence suggests that four mobile phones were used to carry out the fraudulent transactions.

Rasikbhai Bhingradia, chairman of the Bhavnagar District Cooperative Bank, said the authorities were informed immediately after the incident was detected.

He said the bank operates 88 branches and a head office and has around seven lakh account holders. “Customers need not worry as their deposits remain safe,” he said.

The bank has temporarily suspended certain transactions following the breach, and officials said normal banking operations are likely to resume from Wednesday.