Navi Mumbai Cyber Fraud: Vashi Fintech Firm Loses ₹1.98 Crore In 57 Unauthorised Transfers Within 94 Minutes
Navi Mumbai: A Vashi-based fintech company lost Rs 1.98 crore after cybercriminals allegedly breached its financial transaction system and carried out 57 unauthorised fund transfers within 94 minutes on Thursday. The money was transferred to multiple bank accounts across the country, according to the preliminary investigation. Cyber Police Register Case The Navi Mumbai Cyber Police have…
A fintech company in Vashi, Mumbai, suffered a cyber fraud incident resulting in a loss of Rs 1.98 crore. The unauthorized transfers occurred within a span of 94 minutes, as reported by the Navi Mumbai Cyber Police. The company, VK Venture Pvt Ltd, had its financial transaction system breached, leading to the unauthorized fund transfers to various bank accounts across the country.
The investigation is currently in its preliminary stages, where the Cyber Police are examining the beneficiary accounts and tracing the technical route used to breach the company's system. According to the police, the cybercriminals managed to bypass the system without valid user credentials or authorized OTP consent. The company, which serves around five lakh retailers across the nation, detected the fraud when daily settlements for its retailers weren't being processed at around 11:30 am on October 2.
The company's director, Vinay Kedia, discovered several unauthorized transactions after checking the financial system. Following the incident, the company immediately shut down the affected server and financial transaction systems to prevent further losses.
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