In what has become the latest platform for crime and cons, a group of 5 engineering students, using fake mobile wallet transactions, robbed a bank of several crores of money, over the last 4 months. The entire gang, along with 4 others, have been arrested, but, this gives rise to an extremely valid fear of the alarming trend of youngsters exploiting loopholes in technology to fool customers and banks as well!

engineering students rob bank

Picture Source engineering students rob bank

The wallet feature of the Private Sector Bank had a concerning flaw, which the culprits took advantage of. If a customer tried to pay from his own wallet to another wallet holder while the latter’s internet connection was switched off at the time, the one who was transferring the money did not lose any money. Instead, it was the bank that ended up paying for him.

It was only after the massive amount of Rs 8.6 crore was siphoned off, that the bank realized about the robbery. Supplied with thousands of pre-activated SIM cards, to carry out the fraud, innocent villagers were asked to open accounts and wallets with the bank in question using these SIM cards, with the promise of a cash incentive for those registering for the scheme!

engineering students rob bank

Picture Source engineering students rob bank

Among the 9 arrested, Jewel Rana, one of the five students, was the gang leader. The brain of the gang, he knew Habibur Rehman, a dealer of a mobile service provider in Murshidabad, who provided the unaccounted and unverified SIM cards, while Jewel and his accomplices arranged the wallet transactions.

It was only on December 23rd that senior bank officials from their Kolkata office lodged a complaint with Lalbazar after realizing that someone was withdrawing money from their accounts using thousands of their newly launched mobile wallet service. Upon investigation by the police, the bank fraud and cybercrime section of the detective department found that the culprits had managed to open around 2000 accounts all across Kolkata and Murshidabad with the bank. Using these accounts, more than 18,000 wallets had been created!

engineering students rob bank

Picture Source engineering students rob bank

The gang operated from Hariharpara, and although almost all the people involved have been arrested, the police is still continuing their investigation into the details, the crime having been of such an unprecedented magnitude.

So if you yourself use any of the popular mobile wallets for your online transactions, be sure to take all necessary precautions, read up, and be careful!

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