Hackers Steal Rs 34.2 Million from F1Soft’s Bank Account

In a shocking incident, hackers have siphoned off Rs 34.2 million from the bank account of F1Soft, a prominent technology and software development company in Nepal. The breach occurred by exploiting the company’s online banking system, raising serious concerns about cybersecurity in the banking sector.

The stolen funds were held in an account at Citizens Bank International, and initial investigations suggest the involvement of an international hacking syndicate. The theft, which happened two months ago, came to light after F1Soft filed a formal complaint, prompting the Cyber Bureau to launch an investigation.

F1Soft is the operator of Nepal’s popular digital payment platforms, including eSewa and fonepay. The company regularly deposited sales and distribution payments into the affected account. The hackers reportedly gained unauthorized access to the corporate banking system and transferred the funds to multiple Nepali accounts through several online transactions.

“This type of banking hacking is new to Nepal and poses a significant challenge to the entire banking sector,” said Superintendent of Police (SP) Deepak Raj Awasthi, spokesperson for the Cyber Bureau.

Several account holders who received the stolen money have been arrested as part of the investigation. Police suspect that the transferred funds were used to settle hundi transactions—an informal remittance system—on behalf of Nepali workers abroad.

Despite two months of inquiries, the exact method used to hack the bank account remains unclear. The incident has perplexed the police, bank officials, and the company, highlighting a glaring vulnerability in Nepal’s banking security infrastructure.

The breach underscores the increasing threat of cybercrime in Nepal’s banking industry, particularly as digital payments and online banking become more prevalent.

Authorities are urging banks and financial institutions to strengthen their cybersecurity systems and remain vigilant against such sophisticated attacks. Meanwhile, the police continue to investigate the incident, with efforts focused on tracking the international group suspected of orchestrating the hack.

The case serves as a wake-up call for financial institutions to bolster their defenses against emerging cyber threats, ensuring the safety of customers’ assets in an increasingly digital banking landscape.