Business · India Bureau
Central Bank of India Reports Rs 13.97 Crore in Unauthorised Transactions
The lender has filed a police complaint after detecting 187 unauthorised fund transfers from its RBI settlement account during October. The bank alleged unauthorised access to its banking systems led to the fraudulent transactions.
LSN India ·
Central Bank of India has lodged a formal police complaint following the discovery of unauthorised transfers totalling Rs 13.97 crore from its settlement account maintained with the Reserve Bank of India. The incident occurred over a three-day period in October, with 187 separate transactions initiated without authorisation.
The bank's management discovered the unauthorised access to its banking infrastructure, which facilitated the fraudulent fund transfers. Upon detection, Central Bank of India immediately escalated the matter to law enforcement authorities and initiated an investigation into the security breach.
The incident has raised concerns about the robustness of cyber security measures at the lender. Central Bank of India has initiated steps to secure its systems and prevent further unauthorised access, while working with regulatory authorities to recover the transferred funds.
The Reserve Bank of India and other financial regulators have been apprised of the situation. The matter remains under investigation as authorities seek to identify the perpetrators and trace the diverted funds across the financial system.