Recently, the Pune court convicted 11 people in the Cosmos Bank cyber fraud case, in which hackers siphoned off more than ₹ 94 crores through a malware attack over a period of two days in 2018.

On Saturday, an official said that the judicial magistrate (first class) sentenced nine of the accused to four years imprisonment and two others to three years and imposed a fine on them.

The accused were convicted of charges under relevant provisions of the Indian Penal Code and the Information Technology Act, he said.

At least 18 persons were arrested from different parts of the country in connection with the fraud executed over two days in August 2018.

As per the case details, hackers stole information of the Cosmos Bank's VISA and RuPay card customers through malware, attacked the SWIFT system (a vast messaging network banks used by financial institutions) and siphoned off more than ₹ 94 crores on August 11 and 13, 2018.

The hackers had attacked the banks' ATM switch server and withdrawn ₹ 78 crores from various ATMs in 28 countries and another ₹ 2.5 crores was taken out within India.

In another attack on August 13, the hackers again fraudulently transferred ₹ 13.92 crore to a Hong Kong-based bank using the proxy SWIFT system.

Out of ₹ 13.92 crore, the police managed to recover ₹ 5.72 crore, it was stated