A Rs 7.34 crore cyberfraud at Bhavnagar District Co-operative Bank has exposed a major vulnerability in core banking software, with four accused arrested by Gujarat CID Crime, media reports say.
The suspects allegedly exploited the flaw to generate fake balances and siphon funds through over 100 accounts. Investigators traced links to a wider multi-state cybercrime network, with connections to more than 15 cases across India.
Authorities have frozen Rs 2.04 crore so far. Police said dormant accounts were targeted and warned the public against sharing bank credentials or renting accounts, urging swift reporting of cyber fraud cases.