On Saturday, Police officials in Kerala arrested two youngsters for diverting Rs. 2.44 crores that was sent to one of them by a bank due to a software error. Police officials said that the amount was credited to the young man’s account in a new-generation bank on 18th of December.

The incident took place in Thrissur district of Kerala state. The two youths were well aware that the money would be deducted from their accounts as soon as the blunder was realized. They thought that the bank wouldn’t be able to recover the amount from them if the account was empty.

It has been reported that the first accused transferred the amount to 54 different accounts in 19 banks through online banking. It took 171 transactions for him to transfer the entire amount to his friends and family. The second accused reportedly helped him complete the task.

As soon as realizing that there was a software glitch, the bank authorities lodged a complaint with the Police following which the arrest was made, an official reportedly said. The Police found out that the young people also tried to exchange the money for cryptocurrency but failed. However, they bought 4 iPhones through the money they received unexpectedly.

The Bank sources said that talks were held with the account holder to give back the fund, but the youngster couldn’t do it as he had spent the money. He even used it to settle one of his loans.

Bank authorities reportedly said that the glitch happened as the bank was working on a merger with another major bank and the software updations are underway. The youths who have no history of criminal records, were picked up and remanded based on the complaint filed by the bank.