6 hrs ago
Navi Mumbai Fintech Firm Loses ₹1.98 Crore in Cyber Fraud
A fintech company in Vashi says someone moved money out of its account without permission.
The company reported 57 transfers totaling about ₹1.98 crore.
The transfers happened within 94 minutes on October 2.
Employees first noticed that payments to the company’s retailers were not going through.
The company then checked its system and found the transfers.
It shut down the affected systems and reported the incident to cybercrime authorities.
Police are checking where the money went and how the system was accessed.
The investigation is still at an early stage.
A Vashi-based fintech company reported that ₹1.98 crore was transferred without authorisation in 57 transactions.
The transfers allegedly took place over 94 minutes, from 10:19 a.m. to 11:53 a.m. on October 2.
Employees noticed that retailer settlements were not being processed at about 11:30 a.m. and the company then found the transfers.
The company said the transfers used an electronic ledger linked to its current account with Yes Bank and were made without valid credentials or authorised OTP consent.
Navi Mumbai Cyber Police registered a case and are tracing beneficiary accounts and investigating how the system was breached.
- Who
- VK Venture Pvt Ltd, a Vashi-based fintech company; unidentified people are suspected.
- What
- The company reported 57 unauthorised transfers totaling ₹1.98 crore.
- Where
- The company is located at Vashi Railway Commercial Complex in Navi Mumbai; the money was sent to multiple bank accounts across India.
- When
- The transfers allegedly occurred on October 2, between 10:19 a.m. and 11:53 a.m.
- Why
- The motive is not stated. Police are investigating how the system was breached.
Key facts
- Reported loss
- ₹1,98,29,000 (₹1.98 crore)
- Number of transfers
- 57
- Transfer period
- 94 minutes, from 10:19 a.m. to 11:53 a.m. on October 2
- Company
- VK Venture Pvt Ltd
- Account link
- Electronic ledger linked to the company’s current account with Yes Bank
- Retailer network
- The company provides services to around five lakh registered retailers
- Police action
- Navi Mumbai Cyber Police registered a case under relevant sections of the Information Technology Act and the Bharatiya Nyaya Sanhita
- Response
- The company shut down affected systems and reported the incident to helpline 1930 and the National Cyber Crime Reporting Portal
Quotes
A Navi Mumbai Cyber Police officer
Police officer commenting on the ongoing investigation.
“The investigation is at an early stage. We are examining the beneficiary accounts and the digital trail to identify the accused and determine how the company's system was breached.”
freepressjournal.in
Sources
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