Bengaluru’s Central Crime Branch has exposed a massive ₹47 crore cyber fraud targeting a private finance company, revealing an elaborate network that stretched from Belagavi to Dubai, Hong Kong, and Lithuania. The investigation highlights the increasing complexity of cybercrime operations targeting India’s financial sector.
The case came to light on October 6 when a senior manager at Wisdom Finance Pvt Ltd noticed suspicious online activity around midnight. Within two and a half hours, nearly ₹47 crore had disappeared through unauthorized online transactions. The company’s internal review ruled out insider involvement after confirming that none of the transactions came from its registered IP addresses. Instead, all digital trails pointed to foreign servers.
Police Commissioner Seemant Kumar Singh said it was “the first of its kind cracked by the CCB team,” confirming that several prime suspects were based in Dubai and had coordinated the entire operation remotely.
Investigators tracked the suspicious IP addresses to Webyne Data Centre, whose rented servers were linked to Ismail Rasheed Attar, a 27-year-old digital marketing executive from Belagavi. Attar, a high school dropout, was arrested after authorities found his rented IPs were being used to disguise the illegal fund transfers from Wisdom Finance.
Two key masterminds operating from Dubai reportedly rented multiple foreign servers and employed hackers based in Hong Kong. These cyber hackers allegedly breached the company’s Application Programming Interface, bypassed security checks, and executed hundreds of automated fund transfers.
Before the breach was detected, over 1,700 transactions had been completed across 656 accounts. Many of these belonged to intermediaries who lent their bank accounts for small commissions. Among them was Sanjay Patel, a 43-year-old plumber from Udaipur, who received ₹27.39 lakh in his State Bank of India account.
Further investigations revealed that ₹5.5 crore had been routed to Unknown Technologies Pvt Ltd in Hyderabad, a shell firm linked to another suspect. The funds were later transferred to a private bank account under a false identity.
So far, Bengaluru Police have managed to recover ₹10 crore and are collaborating with Interpol and cyber forensic units to trace the remaining funds across global jurisdictions.
Cyber experts believe this case reflects a growing pattern of small-town operatives renting cloud servers and proxy IPs to participate in large-scale international cyber hacking schemes.
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