Student accused of stealing over ₺162,000 from a bank in north Cyprus after expoliting banking system loophole

A university student accused of fraudulently obtaining over ₺162,000 by exploiting a vulnerability in a banking system was brought to court on charges of cyber fraud and illicit financial gain.

The suspect identified only as TWM, a Zimbabwe national was brought before the court on Tuesday June 24 after being arrested under allegations of “Obtaining Money by False Pretenses Through an Information System.”

According to police testimony, TMW allegedly took advantage of a flaw in a banking system commonly used by citizens of third countries residing in the Turkish Republic of Northern Cyprus (TRNC) to receive money from abroad.

On 17 November 2024, he reportedly made a money transfer through this system, despite knowing that outbound transfers were not permitted from within the TRNC. By manipulating the process, he managed to trigger a reimbursement of double the transferred amount, thereby fraudulently obtaining ₺162,705.98.

The officer noted that this case involves a total of 20 suspects and largely centers around a branch of the bank located in Güzelyurt. Out of the previously identified suspects, nine have already stood trial—one was acquitted and eight were convicted.

TMW, identified as the 20th suspect in the case, was arrested on 23 June 2025 while undergoing immigration procedures at the Lefkoşa Police Directorate, based on an outstanding arrest warrant. The police determined that TMW conducted all related transactions at the bank’s Gönyeli branch.

During questioning, he allegedly claimed to have spent the money on school and personal needs and believed the funds were a promotional bonus from the bank.

His mobile phone has been sent to the Cybercrime Investigation Unit for further forensic analysis.

Police confirmed TMW is residing in the country on a student permit and, as the investigation phase is complete, he poses no threat to ongoing inquiries. They therefore requested bail conditions in court.

The judge ruled that TMW be banned from leaving the country, report to police once weekly, post ₺70,000 in cash bail, and sign a personal surety bond worth ₺600,000. A formal charge will be filed against him at a later date.