Bengaluru fintech firm reports ₹31.43-crore cyber fraud involving 301 unauthorised transactions
According to the complaint, the company received an alert from its bank on November 4 about suspicious transactions amounting to ₹8.47 crore in the bank account of one of its customers.
A Bengaluru-based fintech company has reported a suspected cyber fraud involving unauthorised transactions worth ₹31.43 crore from its escrow account, leading to the registration of a case by the Whitefield Cyber crime, Economic offences, and Narcotics (CEN) police. The company, which operates a digital financial services platform, received an alert from its bank on November 4 about suspicious transactions amounting to ₹8.47 crore in a customer's bank account.
An internal investigation on November 5 revealed 301 unauthorised debit transactions, totalling ₹31,43,61,635, had been carried out from the company's escrow account. The police are now investigating to identify those behind the unauthorised transactions, trace the 127 beneficiary accounts, and recover the siphoned-off money.
Brief written by urgent.news from The Hindu's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
