Sr executive loses 1.7 cr in 2 bank ‘transactions’
Times of India | 6 July 2025
Kolkata: A 51-year-old resident of a condo in south Kolkata, working as a senior executive, fell victim to a bank fraud, losing Rs 1.7 crore through unauthorized transactions, police reported on Saturday. The incident prompted the city's detective department to issue new cyber security guidelines.
The victim, a resident of the Survey Park area, received two SMS alerts on July 3, indicating debits of Rs 86 lakh and Rs 88 lakh from his bank account, allegedly transferred to a private firm account. The SMS updates arrived much after the transactions got completed, said investigators Upon verification with the firm, it was confirmed that the company did not receive any such payment. Cops believe he might have fallen victim to a SIM swap fraud unless there are other ways the victim gave away his personal information.
The fraud comes amid a surge in such cases across Kolkata and its suburbs, with total losses exceeding Rs 3 crore in recent months. In response, the bank fraud section of the detective department has released detailed security protocols for mobile banking users.
"Forwarding messages to dedicated server numbers and sudden loss of tower connection in well-connected areas are major red flags," said a senior officer. "Any encrypted message forwarded to customer numbers could potentially compromise both data and finances.
"The police have outlined three critical warning signs: being locked out of online accounts, unexpected loss of phone service, and receiving unauthorized service notifications. They advise immediate bank notification and transaction blocking if phone disruption persists beyond 30 minutes.
Law enforcement officials are now incorporating lessons on encrypted messages in their cyber awareness programmes. They recommend enabling multiple security features, including fingerprint scanners and facial recognition, along with SIM card PIN protection.
"Fraudsters exploit personal information to convince service providers of their legitimacy," said a deputy commissioner. "We strongly advise against sharing sensitive details like full names, addresses, and birth dates on public platforms," he emphasizedThe police have launched an investigation into this fresh case, while urging citizens to remain vigilant and report suspicious banking activities immediately. The incident has highlighted the growing sophistication of cyber frauds targeting mobile banking users in metropolitan areas.