Cybercrime Scams: Tech Firm Loses Rs 56 Lakh in Fraud

Cybercrime is on the rise, with thousands of fraud cases reported daily, often involving large sums of money. Surprisingly, even well-educated individuals fall victim to these scams despite widespread awareness campaigns.

One such incident occurred on December 5, when Andrea (name changed), a CAO from BTM Layout, received a WhatsApp message from the number 9601897937. The sender claimed to be her managing director (MD), using a display picture of her MD and the company logo to make the message look genuine.

The message read:
“I am the MD. I am finalizing a project, and we need to pay Rs 56 lakh as a security deposit. Initiate the payment from the company’s account.”

Believing the message was authentic, Andrea transferred Rs 56 lakh to two accounts provided by the sender. However, she grew suspicious after completing the transaction and decided to confirm the request with her MD via email. To her shock, she discovered that her MD had not sent the message.

Realizing it was a scam, Andrea reported the incident to the South-East CEN Crime police on December 6.

Lessons for Corporate Executives

This case highlights the dangers of relying on passive communication like WhatsApp for financial transactions. CFOs and CAOs are advised to verify such requests through a direct call or in-person confirmation to avoid falling victim to similar scams.

Police Investigation

Inspector Eashwarni PN and her team began tracking the money trail. The investigation revealed that the funds were quickly transferred through several bank accounts. One account, registered in Hyderabad under the name Sai Kumar, was used to move the money.

Sai Kumar admitted he opened the account at the request of a gang led by Grishma, who paid him Rs 10,000 to Rs 15,000 for every Rs 10 lakh processed through his account.

Grishma, a cryptocurrency trader, confessed that she was contacted by an unknown person during a crypto transaction. This person offered her a chance to earn more by providing bank accounts for money transfers. Following instructions, Grishma registered on an app called U-HomeEX and facilitated the transfer of stolen funds, which were converted into cryptocurrency (USDT). She then sold the USDT for profit.

Arrests and Recoveries

The police arrested Grishma and five of her accomplices. They admitted to running the scam for six months. Grishma used her earnings to buy a pre-owned Audi A4, which the police have confiscated along with mobile phones, Rs 56,000 in cash, and Rs 5 lakh frozen in bank accounts. Efforts are underway to recover the remaining Rs 50 lakh.

The investigation continues as authorities try to identify the mastermind behind the operation.