Cyber Con Artist Dupes SBI Staff, Steals Rs. 38.2 Lakh from Real Estate Developer's RERA Escrow Account
A cyber con artist posing as a representative of Adithi Developers, a city-based real estate firm, managed to dupe SBI staff and siphon off Rs. 38.2 lakh from the company's RERA escrow account.
Cyber FraudReal EstateRera Escrow AccountSbiAdithi DevelopersReal EstateOct 16, 2025
Based on the complaint filed by the Chief Manager of SBI, the East Division Cyber Crime Police registered an FIR under various sections of the IT Act and impersonation charges on Monday. The investigation is currently underway to track down the accused.
According to the complaint, the SBI Banaswadi branch has been serving Adithi Developers, a city-based real estate developer, as a customer since July this year. The branch maintains a RERA (Real Estate Regulatory Authority) escrow account for the developer, which is strictly regulated to ensure transparency and protect the interests of homebuyers and investors.
All deposits and withdrawals from the RERA escrow account are governed by statutory guidelines. The bank staff follow a rigorous process for every transaction, which includes receiving written mandates or electronic instructions from authorized representatives of Adithi Developers. These instructions are cross-verified telephonically to ensure their authenticity before any fund transfer is processed.
Over the course of operations, the branch has handled numerous genuine payment instructions for project-related disbursements, vendor settlements, and other legitimate expenses of the developer. These requests have consistently originated from the registered official e-mail ID of Adithi Developers, and no discrepancies had been observed prior to the recent fraudulent incident.
The account has been in regular operation without any adverse remarks, and the customer has maintained a healthy relationship with the branch. Given the regulatory nature of RERA accounts, the bank exercises heightened scrutiny and due diligence in handling all transactions.
However, on last Wednesday at around 11:01 am, the branch received a telephone call from someone claiming to be an authorized person from Adithi Developers. The caller referred to an e-mail request for the transfer of funds and insisted that the payments be processed urgently to meet the project requirements. The payment instructions were received through an e-mail sent from the official ID ([email protected]), which is the authorized email account of Adithi Developers. Consequently, an RTGS transfer for an amount of Rs. 38.2 lakh was made to the beneficiaries.
Since similar instructions had previously been received from the said registered e-mail ID and duly executed for authorized project-related disbursements, the bank staff proceeded with the transaction. The fraud came to light the next day when the authorized representative of Adithi Developers contacted the branch and categorically denied having initiated or authorized the transactions. By then, the funds had already been transmitted through the RTGS system.
The authorized representative confirmed that no such instructions were issued by them through their official e-mail ID, nor did they make any telephonic request in this regard. Upon further scrutiny of the e-mail header details, it was discovered that the fraudulent instructions had been sent from an unauthorized and spoofed e-mail account deliberately designed to resemble the genuine ID, thereby misleading both the branch and the customer.
The bank staff immediately filed an online complaint through the National Cyber Crime Reporting Portal and approached the police for help. The police are now working to track down the accused through the money transactions and are conducting a thorough investigation to prevent such incidents in the future.
This incident highlights the need for enhanced security measures and vigilance in handling sensitive financial transactions, especially in regulated accounts like RERA escrow accounts. Banks and real estate developers must remain vigilant and take proactive steps to prevent such fraudulent activities.
Frequently Asked Questions
What is a RERA escrow account?
A RERA (Real Estate Regulatory Authority) escrow account is a regulated account used by real estate developers to hold and manage funds collected from homebuyers. It ensures transparency and protects the interests of investors by strictly controlling the use of funds for project-related expenses.
How did the cyber con artist manage to dupe the SBI staff?
The cyber con artist posed as an authorized representative of Adithi Developers and used a spoofed e-mail account that resembled the genuine ID. They also made a telephone call to the SBI branch, insisting on the urgency of the fund transfer, which misled the bank staff.
What steps did the SBI take after discovering the fraud?
Upon discovering the fraud, the SBI staff immediately filed an online complaint through the National Cyber Crime Reporting Portal and approached the police for help. The police registered an FIR and are now investigating the incident to track down the accused.
What security measures are in place for RERA escrow accounts?
RERA escrow accounts are governed by statutory guidelines that regulate all deposits and withdrawals. Banks follow a rigorous process, including receiving written mandates or electronic instructions, cross-verifying them telephonically, and exercising heightened scrutiny to ensure the authenticity of transactions.
What can real estate developers do to prevent such fraudulent activities?
Real estate developers can enhance security measures by using multi-factor authentication for e-mail communications, regularly updating their security protocols, and educating their employees about potential fraud tactics. They should also maintain close communication with their banks to ensure timely and secure transactions.
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