Man arrested in Rs 384 cr crypto fraud case in Bengaluru
Bengaluru, Jul 30 (PTI): A 28-year-old man has been arrested in connection with an alleged cyber fraud at a city-based cryptocurrency trading platform that resulted in a loss of around Rs 384 crore, police said on Wednesday.
According to police, Hardeep Singh, vice-president (public policy and government affairs) at Neblio Technologies Private Limited, lodged a complaint stating that an unknown individual hacked into the company’s crypto wallet on July 19 and transferred cryptocurrency worth USD 44 million (approximately Rs 384 crore) to an unknown wallet.
The assets were then moved across six other unidentified wallets, police added.
The arrested person, identified as Rahul Agarwal, an employee of the company, has been taken into custody for further interrogation, a senior police officer said.
In the FIR, Singh stated that the company’s internal investigation revealed Agarwal’s laptop had been compromised.
During questioning, Agarwal reportedly admitted to holding a part-time job for the past year, from which he had earned approximately Rs 15 lakh.
He also confessed to using the company-issued laptop for the part-time job, which Singh alleged was a violation of company policy.
"It is suspected that he (Agarwal) may have colluded with the unknown accused and carried out the hacking," Singh alleged in the complaint.
When contacted, a company official declined to comment, stating that the matter is under investigation.
Based on the complaint, a case was registered on July 22 at the Whitefield CEN police station under relevant sections of the Information Technology Act and the Bharatiya Nyaya Sanhita, including charges of theft, criminal breach of trust, and cheating by personation.
"We have arrested the suspect. He is being interrogated. The company has reported a loss of approximately Rs 384 crore due to the hack," police added.
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Power tariffs under BESCOM to rise from May 1
Bengaluru (PTI): Power bills for consumers under the Bangalore Electricity Supply Company Limited (BESCOM) will go up from May 1, following an order issued by the Karnataka Electricity Regulatory Commission (KERC) on Friday.
The hike comes after KERC allowed the BESCOM to recover a revenue deficit of Rs 2,068 crore incurred in 2024-25, from the consumers.
As a result, for every unit of electricity consumed in 2024-25, the customers will be charged an additional 56 paise, it said.
"BESCOM shall calculate, for each of the active consumers of FY2024-25 the amount to be recovered based on their actual energy consumption during FY2024-25. Such amount shall be recovered during FY 2026-27 in equal monthly instalments, to be called as 'FY25 True up Charges', commencing from the first meter reading date falling on or after 1 May 2026 and concluding with the reading date ending on 30 April 2027," the order said.
"It is further ordered that BESCOM shall maintain a separate head of account, allocated for the purpose, to record the adjustment of the said amount to ensure full recovery of the deficit," it added.
Similarly Chamundeshwari Electricity Supply Corporation Limited (CESC) has also recorded a revenue deficit of Rs 121.71 crore and can collect an additional 15 paisa per unit for consumption in 2024-25, official sources said.
