NRI man loses Rs. 57 lakh to con artists after failing to change phone number with bank

Online scams have become alarmingly prevalent in India, targeting not only residents but also Non-Resident Indians (NRIs) living abroad. Scammers are continuously devising new tactics to deceive individuals and steal their hard-earned money.

In a recent incident, an NRI residing in the United Kingdom fell victim to a sophisticated scam, losing a staggering Rs 57 lakh. Shockingly, this financial disaster was triggered by a seemingly innocuous oversight – failing to update his phone number with the bank after his SIM card was disconnected.

Arrest of the fraudsters

The Ludhiana Police have taken swift action in response to this case, apprehending four individuals involved in the online fraud scheme. The culprits include Sukhjit Singh, a relationship manager at HDFC Bank, Luv Kumar from Bihar, Nilesh Pandey from Ghazipur, and Abhishek from Delhi. Together, they targeted NRI Ramandeep M Grewal and managed to siphon off Rs 57 lakh from his bank account, exploiting his outdated phone number.

The scammers’ elaborate plan

The scam artists employed a meticulously crafted strategy. Initially, they scoured the internet for information on potential victims, including NRIs, elderly individuals, and dormant account holders. During their research, they identified Grewal, whose linked mobile number had been disconnected and subsequently reassigned to another user. 

NRI's Bank Accounts Hacked: Ludhiana Police Busts Interstate Cyber-Fraud Gang, Including A HDFC Manager

My god. I hope It was not my NRI account .. oh vee in ludhiana pic.twitter.com/CTTaPI78oE— jain Sumeet China (@Sumeetmountain) September 22, 2023

The scammers then approached the new phone number holder, who was unwittingly using the same number linked to Grewal's account. They enticed the new owner with the promise of a job opportunity, persuading him to transfer the SIM card to their possession. This allowed them to gain access to his identity documents and eventually take control of the phone number, a crucial piece of the puzzle.

The heist unfolds

With the acquired phone number, the scammers executed their plan. They hacked into Grewal's net banking account using One-Time Passwords (OTPs), altered the associated email address, added beneficiaries, and even ordered a new debit card through net banking. Subsequently, they initiated transfers from Grewal's account to three other bank accounts controlled by the fraudsters.
 

Upon discovering the unauthorised transactions, Grewal promptly reported the incident to the police. As a result, Rs 17.35 lakh was recovered, and Rs 7.24 lakh in various bank accounts was frozen. Additionally, law enforcement seized critical evidence, including a MacBook Air, four mobile phones, three checkbooks, and eight ATM debit/credit cards.

Lesson learned

While a portion of the lost funds was recuperated, this incident serves as a stark reminder of the audacious tactics employed by scammers and the importance of maintaining up-to-date personal information, particularly phone numbers.

With scammers relentlessly seeking vulnerabilities to exploit, vigilance and regular updates to personal data are crucial defenses against such elaborate schemes.