Cyber police prevent fraud of  Rs 3.41 crore

ST CORRESPONDENT
Friday, 19 July 2019

“We immediately contacted the bank and intermediaries involved and froze the amount which when converted comes to Rs 3.41 crore in Indian rupees. People must always check the source of email while transferring such a large amount,” said Paigude.

Pune: The timely intervention of the Cyber Crime Police (CCP) officials of the city police Crime Branch has helped save Rs 3.41 crore of a private company which was recently targeted in man-in-the-middle fraud. 

According to Police Inspector Jayram Paigude of the CCP, employees of SRC Chemicals Pvt Ltd transferred USD 1,66,276 on June 14 and USD 3,29,405 on June 18 to Banco Mercantil del Norte, a bank in Mexico.

Later, the officials realised that the email which mentioned the bank account number of the beneficiary is not from a genuine source. The employees of SRC then apprised the cyber police of the fraud.

“We immediately contacted the bank and intermediaries involved and froze the amount which when converted comes to Rs 3.41 crore in Indian rupees. People must always check the source of email while transferring such a large amount,” said Paigude.

The police said such type of cyber-attacks are called man-in-the-middle attack in which cyber fraudsters create a dummy email and change the account number of the beneficiary in the email chain. As the victim fails to acknowledge the email source, the fraud beneficiary diverts the money to other bank accounts. “Business professionals should also cross-check the beneficiary account number through a phone call when involved in a financial deal,” added Paigude. 

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