Maharashtra Cyber Arrests 49-Year-Old Mumbai Man In ₹13.96 Crore RTGS Fraud; 187 Unauthorised Transactions Across 36 Banks

Mumbai police have detained a 49-year-old man named Mehul Pravinchandra Simaria in connection with a cyber fraud scheme that involved the unauthorized transfer of ₹13.96 crore from a Central Bank of India treasury account. Simaria allegedly received ₹2.1 crore of the stolen funds into his own bank account, which was then moved to another account, withdrawn and converted into the cryptocurrency known as USDT.

The fraudulent activity centered around manipulating the Real Time Gross Settlement (RTGS) transaction system, which allowed for 187 unauthorized transactions to occur over a span of three days. These transactions were made to 107 different beneficiary accounts spread across 36 various banks. The matter came to light following a complaint, leading to the filing of a First Information Report (FIR) by Maharashtra Cyber, the city's cybercrime division, under several sections of both the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act of 2000.

The investigation is currently underway, with authorities conducting a thorough examination of the bank's server infrastructure, transaction records, and digital evidence to understand how the RTGS process was allegedly tampered with. Simultaneously, a financial probe has been initiated to track the movement of the laundered funds, aiding in the identification of the accused.

Authorities are also exploring whether any compromise occurred within the payment processing system managed by Indian Financial Technology and Allied Services (IFTAS), which could indicate a potential breach.

Additionally, Maharashtra Cyber has issued a public advisory warning citizens against using their bank accounts for money transfers in exchange for commissions, as such accounts could be exploited as money mules to facilitate cybercrime proceeds or convert them into cryptocurrency. Citizens are advised to report any instances of cyber financial fraud immediately to the National Cyber Crime Helpline at 1930 or through their official website.