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A massive cybercrime has rattled Himachal Pradesh after hackers managed to breach the server of the Himachal Pradesh State Cooperative Bank, siphoning off a staggering ₹11.55 crore. The sophisticated heist occurred on May 11 and 12, 2025, but the bank only discovered the fraud on May 14, due to delays in receiving transaction reports from the Reserve Bank of India (RBI) during bank holidays.

How the Cyber Heist Happened

According to the State Cyber Cell, the attackers gained unauthorized access to the bank’s server via a customer's mobile banking application from the Halti branch in Chamba district. Exploiting vulnerabilities in the system, they transferred the stolen funds across 20 different bank accounts in a matter of hours. The breach was highly calculated, exploiting the long weekend to evade early detection.

Delay in Detection

Because of the RBI’s non-operational days during the holidays, the bank didn’t receive regular transaction alerts. When operations resumed and the daily transaction report was reviewed on May 14, the massive discrepancy was identified. Alarmed by the situation, bank officials quickly filed a complaint at Shimla’s Sadar Police Station. The case was later transferred to the State Cyber Police Station in Shimla for in-depth investigation.

Investigation Underway

Deputy Inspector General (DIG) of Cybercrime, Mohit Chawla, confirmed that the Indian Computer Emergency Response Team (CERT-In) is being deployed from Delhi to Shimla to support the technical investigation. The authorities are working tirelessly to trace the digital footprint of the hackers and secure any remaining stolen funds.

The bank has assured customers that their individual accounts and funds are safe. In a proactive move, they managed to place the illicitly transferred funds on hold in various recipient accounts to prevent further movement.

Not the First Cyberattack

This is not an isolated incident. As digital banking becomes more prevalent, financial institutions are increasingly being targeted by cybercriminals using sophisticated hacking methods. The Himachal incident highlights critical gaps in cybersecurity and serves as a wake-up call for banks to upgrade their digital defenses.

Precautionary Measures for Customers

Authorities have urged customers to stay vigilant and adopt strict digital hygiene. Here are some key safety tips:

• Never share your mobile banking credentials or OTPs with anyone.

• Use strong, unique passwords for banking apps and change them regularly.

• Enable two-factor authentication (2FA) wherever possible.

• Avoid accessing banking services over public Wi-Fi networks.

• Monitor your bank account activity regularly and report suspicious transactions immediately.

Conclusion

The ₹11.55 crore heist at Himachal Pradesh State Cooperative Bank is one of the largest cyberattacks reported in recent times in India’s banking sector. While authorities have made some progress in freezing the stolen funds, the incident underscores the urgent need for better cybersecurity protocols and real-time fraud detection systems in banking institutions.

As the investigation continues, both the bank and cybercrime officials are working around the clock to ensure the perpetrators are caught and customer trust is restored. In the meantime, all users are advised to remain cautious and take proactive steps to secure their digital banking activities.