IT engineer held for hacking into payment gateway of top bourse

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Credits: TOI

The newly set up Maharastra cyber cell made its first arrest on Tuesday. The accused is a 28-year old software engineer, who had hacked into the payment gateway of a leading bourse for day-trading causing nearly Rs 42 lakh losses to the exchequer.

The state had set up the Maharashtra police for cybercrime last year and appointed special inspector general of police Brijesh Singh as its head to curb the increased incidents of cybercrime.

Singh confirmed they had arrested Vignesh Kannan from Chennai who had, for several months, traded on a leading bourse by hacking into its payment gateway and siphoned off lakhs of rupees.

“We managed to trace the accused who had been evading us for some time now. We have also successfully plugged loopholes in the payment gateway so that no such leakages occur in future,” he said.

Police said Parag Shah of Indian Clearing Corporation (ICCL) had lodged a complaint in February. Shah told police a customer, Kannan, had purchased Reliance Mutual Fund units worth Rs 1 lakh through a broker but ICCL got only Rs 10,000 in its account. There was another instance when Kannan had purchased mutual fund units worth Rs 50,000 but ICCL received only Rs 5,000 in its account.

During scrutiny of Kannan’s transactions, ICCL found out the accused, in the last three years, had been day trading. While conducting these transactions, he would hack into the payment gateway and deposit only 10% of his actual purchase value.

Using this modus operandi, the accused benefited to the tune of Rs 41.50 lakh in the past three years. After these irregularities came to light, ICCL lodged a complaint with the Maharashtra Cyber police which registered a First Information Report (FIR) and started a probe.

Police said that when the accused learned the police were on his trail, he switched off his cell phone and absconded. The cyber team of Maharashtra police camped in Chennai for three weeks and finally succeeded in nabbing him on Tuesday.

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