Bengaluru — In a major cyber-fraud case, two Indian nationals based in Dubai allegedly colluded with hackers in Hong Kong to siphon off around ₹49 crore from a Bengaluru-based loan provider. The sophisticated scam unfolded through 1,782 transactions into 656 separate bank accounts, all completed within just two-and-a-half hours. Authorities have so far recovered about ₹10 crore.

How the crime unfolded

According to Bengaluru Police’s cybercrime unit, the Dubai-based individuals partnered with Hong Kong hackers who used rented servers belonging to a company named “Webyne” to breach the firewall of the financial firm’s system. Once inside, the hackers initiated rapid fund transfers, effectively draining the company’s accounts before detection systems could react.
The victim firm, identified as a fintech loan provider, was left reeling from the breach that bypassed multiple security layers. The criminals strategically dispersed the money across hundreds of accounts to make recovery and tracing difficult.

Investigation and findings

Cybercrime investigators in Bengaluru have traced part of the stolen amount and are working with banks and international agencies to freeze more accounts. Officials said the fraud demonstrates the growing sophistication of transnational cyber gangs who exploit technology and jurisdictional gaps to move funds swiftly.
Preliminary analysis suggests that the hackers gained access using credentials stolen through a phishing attack or system vulnerability, though a forensic audit is underway to confirm this.

Broader implications

The case underscores the growing threat of global cyber networks targeting Indian fintech and lending firms. Bengaluru, being a hub for financial technology, has witnessed several such high-value attacks in recent years. Experts believe that companies must enhance real-time transaction monitoring, restrict bulk transfers, and invest in advanced intrusion detection systems.
The cross-border nature of the crime—spanning Dubai, Hong Kong and India—also highlights the challenges faced by law enforcement agencies in coordinating international investigations.

What lies ahead

Police are pursuing leads to identify the Dubai-based suspects and their network of collaborators. Cooperation with foreign agencies is being sought to recover the remaining amount and prosecute the offenders. Meanwhile, the loan provider is reviewing its cybersecurity measures and reinforcing digital payment firewalls to prevent similar incidents in the future.