Pandharpur Urban Bank Scam: UP Accused Acquitted in ₹3 Crore ATM Fraud Case; Mystery Over Missing Funds Deepens

Solapur, Maharashtra: In a major development in the infamous Pandharpur Urban Bank scam, a court has acquitted both primary accused from Uttar Pradesh due to insufficient evidence. The verdict in the ₹3 crore cyber fraud case leaves critical questions unanswered regarding bank security and the actual whereabouts of the stolen money.

The ₹3 Crore ATM Cyber Heist

The case dates back to the period between March 15, 2023, and May 19, 2023, when suspicious transactions were flagged across 22 ATM machines operated by Pandharpur Urban Bank. Cybercriminals reportedly targeted vulnerabilities within the bank's ATM operating software and system network, siphoning off a total of ₹3 crore over two months.

Following an investigation, Maharashtra Police traced the criminal trail to Uttar Pradesh and arrested two individuals—Mathuram Nishad and Anand Ramsingh. Both were charged as key masterminds behind the cyber heist.

Court Acquits Accused Over Lack of Substantial Evidence

During trial proceedings, the prosecution failed to provide concrete, beyond-doubt evidence linking Mathuram Nishad and Anand Ramsingh to the crime. Consequentially, the court granted a full acquittal to both suspects.

Critical Questions Over ATM Cyber Security

With the accused cleared of charges, the court's decision points toward severe technical glitches, system loopholes, or software vulnerabilities in the bank's ATM infrastructure that allowed the funds to disappear.

The verdict raises severe security concerns for depositors and financial authorities alike:

• Where did the ₹3 crore actually go?

• Who was the real perpetrator behind the cyber attack?

• Why were critical vulnerabilities in the ATM network left undetected for over two months?

The acquittal places the spotlight back on financial cybersecurity measures across regional cooperative banks in Maharashtra.

Pandharpur Urban Bank ₹3 Crore ATM Cyber Scam: Key UP Accused Acquitted Due to Lack of Evidence

• Incident: Between March 15, 2023, and May 19, 2023, approximately ₹3 crore was fraudulently withdrawn across 22 ATM machines belonging to Pandharpur Urban Cooperative Bank in Solapur district, Maharashtra.

• Accused: Police arrested two suspects from Uttar Pradesh—Mathuram Nishad and Anand Ramsingh—alleging they were the primary masterminds behind the ATM cyber fraud.

• Court Verdict: A local court acquitted both accused due to a lack of substantial evidence presented by the prosecution.

• Core Issue & Impact: The acquittal leaves the mystery of the missing ₹3 crore unresolved, suggesting the money was lost to a sophisticated technical glitch/system flaw exploited by cybercriminals rather than proven human perpetrators, raising serious questions about the bank’s ATM cyber security.