Delhi Police Busts Syndicate That Stole Rs 12.84 Crore from Hero FinCorp
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NEW DELHI — The Delhi Police's International Financial Services Operations (IFSO) unit dismantled a sophisticated cybercrime ring on Monday, recovering evidence of a scheme that siphoned Rs 12.84 crore from the corporate bank account of Hero FinCorp Ltd. The operation targeted a transnational network involving a Chinese syndicate operating via encrypted messaging platforms and an insider within the banking sector.
The investigation revealed a coordinated effort to execute unauthorized digital transactions. Authorities arrested Vikas, a relationship manager at RBL Bank, alongside three other Indian nationals: Naman Kumar, Harman, and Devendra Singh Chauhan. The suspects are alleged to have colluded with foreign actors based in China and Dubai to bypass security protocols and transfer funds from Hero FinCorp's accounts.
The IFSO unit described the operation as a mega corporate fraud case that exploited both technological vulnerabilities and human access. The syndicate allegedly used a Telegram-based communication channel to coordinate the illicit transfers between India, China, and the United Arab Emirates. While the primary financial loss was centered in Delhi and Jaipur, the operational reach of the group extended internationally, complicating the recovery process.
Hero FinCorp Ltd, a leading non-banking financial company in India, reported the unauthorized withdrawals after detecting irregularities in its corporate accounts. The bank insider, Vikas, reportedly facilitated the initial breach by providing necessary credentials or authorization codes to the external syndicate. Once access was granted, the foreign operatives executed rapid digital transfers designed to move the funds across borders before detection.
Police officials stated that all four Indian suspects are currently in custody and facing interrogation regarding their roles in the conspiracy. The investigation is ongoing to trace the remaining stolen funds held in overseas accounts. Authorities have initiated diplomatic channels with Chinese and Emirati counterparts to assist in locating the foreign perpetrators and recovering the illicit money.
The case highlights a growing trend of hybrid cyber frauds where local banking insiders partner with international criminal groups to target large corporate entities. While the immediate arrests have disrupted the network's operations in India, the full extent of the syndicate's activities remains under scrutiny. Investigators are working to determine if other financial institutions were targeted by the same group prior to this raid.
As legal proceedings begin against the arrested individuals, questions remain regarding the total amount of money successfully laundered through the international channels and the specific methods used to evade real-time fraud detection systems. The Delhi Police has assured stakeholders that a comprehensive probe into the digital trail is underway.