Attackers allegedly exploited an NBFC’s systems and API to move more than ₹3.3 crore to 52 suspected accounts in 87 minutes, with only about ₹40 lakh frozen so far.
A Hyderabad-based non-banking financial company has reported a cyber fraud in which more than ₹3.3 crore was allegedly siphoned off in just 87 minutes, prompting an investigation by the Telangana Cyber Security Bureau. According to reports in the Times of India and local outlets, the attackers gained unauthorised access to the company’s systems and application programming interface, or API, and used that access to trigger 183 transactions that sent funds to 52 suspected accounts.
The episode unfolded on 19 October, between 10:31 am and 11:58 am, with individual transfers said to have ranged from ₹50,000 to ₹2 lakh. Investigators believe the money was quickly broken up and routed through a network of beneficiary accounts in an effort to obscure its trail. So far, authorities have managed to freeze only about ₹40 lakh, leaving most of the allegedly stolen funds still under scrutiny.
The company’s chief financial officer filed a complaint with the Telangana Cyber Security Bureau on 20 October and also reported the case on the National Cyber Crime Reporting Portal, according to the reports. Police are now examining system logs, API logs, transaction records, bank statements and internal company reports to determine how the breach occurred and whether the transactions were part of a wider organised operation.
The case has also drawn attention to the risks facing digital lenders as they rely more heavily on connected payment systems. Reports say the investigation is looking not only at the beneficiary accounts but also at the route the money took after each transfer, including whether any of it was moved onwards to other accounts, cryptocurrency channels or overseas destinations. For now, the company’s losses remain far above the amount that has been blocked, and the full extent of the network behind the attack has yet to be established.
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