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Bhavnagar District Co-operative Bank loses ₹7.34 crore in weekend NEFT fraud

ConfirmedDisclosed Updated IndiaFinanceBy Vivek Kumar
Records UnknownCause Vulnerability
Conceptual illustration: A generic cooperative-bank sculpture, smartphone profile and rupee transfer trail stopped by a warning barrier. Headline: BHAVNAGAR BANK FRAUD REPORT.

AI-generated illustration by CyberShitty. Not a photograph or a document from the organisations named.

About 1,170 unauthorised NEFT transfers drained ₹7.34 crore through four accounts while the bank was shut. CID Crime has arrested suspects and frozen ₹2.04 crore.

What happened

Over a weekend when its head office was closed, Bhavnagar District Co-operative Bank in Gujarat saw about 1,170 unauthorised NEFT transfers from four accounts at branches in Sidsar, Subhashnagar, Bharatnagar and Talaja, DeshGujarat reported on 11 March 2026. The bank suspended operations, told the Bhavnagar police and asked receiving banks to freeze the money. CID Crime in Gandhinagar registered an FIR on 11 March. Reports differ on the date: one says the transfers were made on the fourth weekend of February.

Confirmed vs. claimed

Confirmed by police, per DeshGujarat: ₹7.34 crore was moved to 135 accounts. The accused changed the mobile numbers registered to the four accounts, which cut off customer alerts, then used false balances. Four people were arrested and ₹2.04 crore was frozen. Police suspect a flaw in the core banking software affects 14–15 other banks.

Reported, not confirmed: Vibes of India says entry began with a phishing email carrying malware sent to a bank officer, and that six people had been arrested. The bank's general manager blamed the software provider, which has not been named.

Who is affected

The bank and the four account holders whose accounts were used. The bank said its funds are insured and losses would be recovered under the rules. Customers faced disruption while services were suspended.

What to do

  • Check that your bank's SMS alerts still arrive. If they stop or your registered mobile number changes without your request, call your branch at once.
  • Never rent or lend your bank account; police are arresting mule-account holders.
  • If you lose money, call 1930 or report at cybercrime.gov.in as fast as you can; see our 1930 guide. Police say reporting within the first hour gives the best chance of recovery.

Sources

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