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Rs 13.96-crore banking fraud: Mumbai man held over RTGS system breach

The fraud involved tampering with the Real Time Gross Settlement (RTGS) transaction process, through which unauthorised payment messages were allegedly transmitted from secure banking communication channels into the RBI's payment processing system

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The breach resulted in 187 unauthorised transactions over just three days, Maharashtra Cyber said. Representational Pic/File

The breach resulted in 187 unauthorised transactions over just three days, Maharashtra Cyber said. Representational Pic/File

Maharashtra Cyber has arrested a Mumbai resident in connection with an alleged financial fraud involving the unauthorised transfer of Rs 13.96 crore from the Central Bank of India's Treasury Account maintained with the Reserve Bank of India (RBI), an official statement said on Monday.

The accused, identified as 49-year-old Mehul Simaria, allegedly received Rs 1 crore of the defrauded amount in his bank account, it said.

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