Central Bank of India has alleged that Rs 13.97 crore was fraudulently siphoned from its settlement account with the Reserve Bank of India (RBI). The bank has approached the police, and an FIR has been lodged.
What Happened
According to the bank’s complaint, unknown persons gained access to the central SFMS server of Indian Financial Technology and Allied Services (IFTAS), a wholly owned RBI subsidiary. The entry point was the Structured Financial Messaging System (SFMS) server of the bank’s own core banking system. Through this access, the funds were moved out via 187 unauthorised transfers between October 15 and 17.
SFMS is the backbone that carries the payment messages banks exchange through the RBI’s RTGS and NEFT systems.
Key Details from the FIR
Beneficiary accounts: The money went into 36 bank accounts.
Transfer pattern: 6 transfers on October 15, 88 on October 16 and 93 on October 17.
Payer accounts: The accounts named as payers in all 187 transactions do not belong to Central Bank of India.
Internal check: The bank’s internal team could not trace any of the 187 transactions in any branch, internet banking, mobile banking or other channel.
Why It Matters
The case points to a possible compromise at the messaging-infrastructure level rather than at the customer-account level. Investigators will need to establish how the SFMS interface was accessed and where the 36 beneficiary accounts routed the money onward. Further details are likely to emerge as the police investigation progresses.
