Lulu Group loses Rs 1.64 crore in email fraud

The Lulu Group, a prominent international conglomerate with operations spanning hypermarkets, shopping malls, imports and distribution, trading, shipping, and information technology, has reported a significant financial loss of approximately Rs 1.64 crore due to an email fraud. The Kochi City Police have initiated an investigation following a complaint from Deepak Sreedhar Nair, the legal manager at Lulu Group.

The fraudsters, posing as representatives of an Italian company, IE Park SRL, which has a longstanding business relationship with Lulu Group, sent fake invoices and bank details via emails. Lulu Group, trusting the authenticity of these communications, transferred 150,500 euros (Rs 1.64 crore) to the provided bank accounts. The police suspect the use of impersonation and forged electronic communications to defraud the company, and the investigation is ongoing.

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