Four people arrested in a United Payment Interface or UPI Fraud case which took place during the demonetisation period, fraudsters hacked the Central server of the bank, with a help of a bug in the Centre’s UPI application, they withdrew a huge amount.
As soon as the incident came under the limelight of the bank authorities, a fraud case was registered at the Ghatkopar Police station nearly nine months ago.
Four of the accused were arrested in the fraud case and during the investigation, it was revealed that Pratik Pujari and Jatin Sankhe were the main accused who were active partners in crime whereas the other two Abdul Patel and Vinay Karkera provided their accounts to deposit the money withdrawn from the bank.
The accused exploited a bug in the UPI app launched by the National Payments Corporation of India and withdrew money around sixteen lakhs.
What is UPI or United Payment Interface?
UPI, launched by the National Payments Corporation of India, allows people to transfer money using their phones. The app allows transactions of up to Rs 1 lakh, provided there is sufficient balance.
All four of the arrested had their accounts in the bank and the bug allowed them to make multiple transactions of Rs 1 lakh even though they didn’t have sufficient account balance.
The fraudsters would transfer money to accounts of several people who would keep a share out of the money and hand over the rest to them.
Many such cases have been registered in many parts of the country, fraudsters have found the way to overcome the crisis of demonetisation to secure the black money.
If such cases are registered in many parts of the world, How can the Central Government assure the people of India that demonetisation is successful?