Gujarat: Four arrested for Rs 7.34cr cyberfraud in Bhavnagar district Cooperative Bank

Ahmedabad: A vulnerability in banking software has led to a Rs 7.34 crore cyberfraud at Bhavnagar District Co-operative Bank. Four people — three from Ahmedabad and one from Mumbai — have been arrested by CID Crime's Cyber Centre of Excellence. The accused allegedly exploited a flaw in software to create fake balance and divert funds through dozens of accounts. Investigators say the trail points to a larger, multi-state cybercrime network. Authorities have already frozen over Rs 2 crore.The accused have been identified as Adnan Sheikh (24) from Fatewadi, Rubina Sheikh (31) from Vasna, Sushilkumar Meghwal (32) from Rakhial, and Kishor Pardeshi (43), a home guard jawan from Mulund West in Mumbai.The case came to light after a hacking complaint was registered in 2026 at the Cyber Centre of Excellence related to the Bhavnagar bank's system. During the probe, police found that the accused had arranged multiple bank accounts to receive and route the stolen money. Analysis of their mobile phones revealed details of 42 additional bank accounts linked to the operation.Further checks on the national cybercrime portal showed that the accused are allegedly connected to over 15 cybercrime cases across India, involving an estimated Rs 4 crore. These cases span Karnataka (five); Gujarat, Uttar Pradesh and Haryana (two each); and Andhra Pradesh, Tamil Nadu, Punjab and Maharashtra (one each).Investigators said the group targeted four dormant accounts in the Bhavnagar bank. They allegedly changed the registered mobile numbers to ones under their control and generated a virtual balance of Rs 7.35 crore, closely matching the fraud amount detected.According to police, the accused exploited a vulnerability in the bank's core banking service software, a flaw that has reportedly affected 14 to 15 banks across the country.The money was then transferred into 135 different bank accounts and dispersed to avoid detection. Police suspect the accused also rented bank accounts from individuals by offering money, using them to move the fraud proceeds.So far, authorities have frozen Rs 2.04 crore of the total amount. Police have warned the public against renting out bank accounts, ATM cards, cheque books or SIM cards, and urged victims to report cyberfraud immediately via helpline 1930, preferably within the first hour, to maximise chances of recovery. Get real-time updates and result insights on the CBSE 12 Result 2026.