THRISSUR: The city police on Saturday arrested two youngsters for diverting Rs 2.44 crore credited to one of the persons’ account due to a software error. According to the police, Rs 2.44 crore was credited to the young man’s account in a new-generation bank on December 18. He had opened an account for cryptocurrency trading.
When he found out that such a huge amount was credited to his account, the first accused transferred the amount to 54 different accounts in 19 banks via online banking.
It took him 171 transactions to transfer the money to the accounts of his friends and family. The second accused is his friend who helped him complete the task.
The bank came to know about the software glitch only recently. The bank authorities then lodged a complaint with the police following which the arrest was made, said an official of the city police team.
The police found out that the young people also tried to exchange the money for cryptocurrency, but failed. However, they bought four iPhones using the money they received unexpectedly.
According to sources in the bank, talks were held with the account holder to give back the fund, but the youngster couldn’t do it as he had spent the money. He even used it to settle a loan.
The bank authorities said the glitch happened as the bank was working on a merger with another major bank and software updations were underway.