Balasore: A gang of fraudsters from Uttar Pradesh involved in looting cash from ATM kiosks in Odisha has been busted in Balsore district.
According to reports, a team of Balasore Industrial Area Police with the help of district cyber cell arrested five fraudsters and seized more than 150 ATM cards, eight mobile phones and Rs 64,000 cash from their possession on Sunday night.
According to sources, the fraudsters used an advanced ATM cash trapping method, known as transaction reversal fraud (TRF), to loot cash. So far, they have used the method to loot cash from four ATMs in Balasore district.
Preliminary investigation has revealed that the accused used to borrow ATM cards from people citing deposit of cash and subsequent transaction.
Then they used to go ATMs and initiate withdrawal of the deposited cash. They pushed the shutter of the cash dispenser on the pretext of withdrawing cash following which the transaction was declined. In the meantime, the accused removed his hand from the dispenser and the cash came out of the dispenser.
As the ATM showcased the transaction was declined, the customers complained to the banks. Based on the complaint, the banks restored the amount to the bank holders’ accounts.
In this method, the accused surreptiously withdrew a huge amount of cash from ATMs of the customers. The banks have also faced loss simultaneously, said sources.
