GURGAON: Leading non-public sector financial institution ICICI misplaced over Rs 1.19 crore, which was once remitted the usage of its foreign exchange portal to different accounts in India and withdrawn due to this fact.
Preliminary probe suggests the cash was once fraudulently transferred from a minimum of 3 US-based banks to accounts in numerous banks, the usage of ICICI financial institution's portal 'Money2India' , in a couple of transactions between April 2015 and November 2016.
The fraud got here to light most effective in December 2016, when ICICI financial institution received indicators from the US-based banks, suggesting suspicious transactions.
In an professional complaint to the police, Vineet Walia, the realm reaction supervisor, ICICI branch, Gurgaon, mentioned the financial institution misplaced a sum of Rs 1,19,30,000, and named two persons as accused, in whose accounts the cash was once sooner or later remitted. The two beneficiaries have accounts in numerous banks in the city.
Explaining the fraud, Walia mentioned that ICICI financial institution provides an express e-transfer provider for real-time remittance of foreign exchange into Indian accounts, via its Money2India portal.
Under the provider, the volume despatched via a remitter registered with the portal is straight away credited to a beneficiary's account, even ahead of the remitting (international) financial institution settles the transaction and sends ICICI financial institution a clearance message.
During a regimen screening of transactions/remittances, officers at ICICI financial institution got here throughout positive transactions that have been "repudiated" (rejected) and flagged as "suspicious phishing transactions" via the remitting banks.
Further scrutiny revealed that the ICICI financial institution had received "repudiation requests" for a total of Rs 2.08 crore from 3 US-based banks — PNC Bank, Bank Mutual Renesant Bank and Key Bank. However, as in line with the real-time move scheme, ICICI had already credited Rs 1.19 crore (in numerous transactions) to 2 accounts of Corporation Bank and one among Axis Bank. From those 3 accounts, the cash was once then transferred to State Bank of Patiala and IndusInd Bank accounts and due to this fact withdrawn.
"The sum lost on account of fraudulent transactions is public money," the ICICI professional mentioned.
After completing the initial verification, an FIR was once registered under Section 420 (dishonest) of the IPC and various sections of the Information Technology Act at Sector 5 police station on Monday.
A police officer, investigating the case, mentioned the above mentioned transactions it seems that started outdoor India and were again and again credited in the accounts of the two persons named in the complaint. However, it was once not clear if the two were if truth be told involved in the fraud, and their role was once being verified, he added.
Sector 5 SHO Vivek Kundu mentioned the complaint had been forwarded to the cybercrime unit .
Preliminary probe suggests the cash was once fraudulently transferred from a minimum of 3 US-based banks to accounts in numerous banks, the usage of ICICI financial institution's portal 'Money2India' , in a couple of transactions between April 2015 and November 2016.
The fraud got here to light most effective in December 2016, when ICICI financial institution received indicators from the US-based banks, suggesting suspicious transactions.
In an professional complaint to the police, Vineet Walia, the realm reaction supervisor, ICICI branch, Gurgaon, mentioned the financial institution misplaced a sum of Rs 1,19,30,000, and named two persons as accused, in whose accounts the cash was once sooner or later remitted. The two beneficiaries have accounts in numerous banks in the city.
Explaining the fraud, Walia mentioned that ICICI financial institution provides an express e-transfer provider for real-time remittance of foreign exchange into Indian accounts, via its Money2India portal.
Under the provider, the volume despatched via a remitter registered with the portal is straight away credited to a beneficiary's account, even ahead of the remitting (international) financial institution settles the transaction and sends ICICI financial institution a clearance message.
During a regimen screening of transactions/remittances, officers at ICICI financial institution got here throughout positive transactions that have been "repudiated" (rejected) and flagged as "suspicious phishing transactions" via the remitting banks.
Further scrutiny revealed that the ICICI financial institution had received "repudiation requests" for a total of Rs 2.08 crore from 3 US-based banks — PNC Bank, Bank Mutual Renesant Bank and Key Bank. However, as in line with the real-time move scheme, ICICI had already credited Rs 1.19 crore (in numerous transactions) to 2 accounts of Corporation Bank and one among Axis Bank. From those 3 accounts, the cash was once then transferred to State Bank of Patiala and IndusInd Bank accounts and due to this fact withdrawn.
"The sum lost on account of fraudulent transactions is public money," the ICICI professional mentioned.
After completing the initial verification, an FIR was once registered under Section 420 (dishonest) of the IPC and various sections of the Information Technology Act at Sector 5 police station on Monday.
A police officer, investigating the case, mentioned the above mentioned transactions it seems that started outdoor India and were again and again credited in the accounts of the two persons named in the complaint. However, it was once not clear if the two were if truth be told involved in the fraud, and their role was once being verified, he added.
Sector 5 SHO Vivek Kundu mentioned the complaint had been forwarded to the cybercrime unit .
ICICI loses over Rs 1 crore remitted via its forex portal
![ICICI loses over Rs 1 crore remitted via its forex portal]()
Reviewed by Kailash
on
November 29, 2017
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