On Tuesday, the Bengaluru south east cybercrime police detained a hacker and found $4.16 million worth of assets that he had taken by hacking into a rewards system.
Bommaluru Lakshmipathi, the accused, is from Chittoor in Andhra Pradesh. He claimed to have studied from a top university and worked in many IT firms in Dubai and Bengaluru before he became involved in ethical hacking.
How a Business got hacked by hackers in Bengaluru?
Lakshmipathi, according to the authorities, would hack the business website and utilize all of the unused reward points to make online purchases of valuables. Upon receiving a report, the police located the suspect and took him into custody.
According to the authorities, Lakshmipathi’s hacking of Reward-360’s systems constituted a serious security lapse with far-reaching effects.
DCP South East, C.K. Baba, claims that Lakshmipathi obtained debit and credit cards from a private sector bank. When he was still a student, which is how everything started. During his time as a student, the bank refused to provide him reward points. So he cleverly created a software to repeatedly hack their servers in order to obtain an endless supply of coupons. He later exchanged these certificates for a sizeable sum of digital cash. Which he used to buy precious metals like gold and silver. This hack revealed weaknesses in the bank’s server and system security, underscoring the necessity of effective cybersecurity measures in the modern period, he added.
He took 6 to 7 lakh coupons totaling close to 5 crore using his hacking abilities. He bought silver and 24 karat gold coins with the intention of selling them for money. According to the police, he intended to move to Dubai.
In addition to 5.2 kg of expensive gold items, 27.2 kg of silver items, 11.3 lakh in cash, seven two-wheelers, over 26 lakh in wallet accounts, two computers, and three cell phones were taken from him by the police. According to the police, this is one of the biggest recoveries the cybercrime unit has ever made.
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