Woman falls victim to a scam, losing Rs 56 lakh due to a fraudulent message from boss

Woman falls victim to a scam, losing Rs 56 lakh due to a fraudulent message from boss
The case highlights rising concerns over cybercrime and the dangers of unsecured communication
The increase in cybercrime has resulted in a significant number of fraud complaints, with thousands being reported daily and involving substantial sums of money.
Disturbingly, it is often well-educated individuals who are the main targets, complicating the situation for law enforcement. Even with extensive awareness initiatives in place, many individuals still find themselves deceived by these fraudulent schemes. A recent incident highlighted this issue, as a young woman suffered a loss of Rs 56 lakh to cybercriminals.
The situation unfolded when CAO Andrea (name changed), a resident of BTM Layout, received a WhatsApp message on December 5 from the mobile number 9601897937. The profile featured a display picture of her managing director and the company’s logo as the cover photo. The content of the message stated, “ I am the MD, I am finalizing a project and we need to pay Rs 56 lakh as a security deposit for the project. Initiate payment from the company’s account.”
Convinced of the authenticity of the message, she proceeded to transfer the specified amount to the two accounts given by the sender. Nevertheless, following the completion of the transaction, she started to experience some uncertainty.
To clarify, she reached out to her MD via email, only to find out that the number did not belong to him, and he had not been in touch with her. On December 6, she lodged a complaint with the South-East CEN Crime police.
The event further demonstrates that transactions should not take place via phone or other forms of passive communication.
CFOs and CAOs in corporate environments should exercise caution: Avoid disbursing funds solely based on WhatsApp instructions from your superior.
It is advisable to verify such requests through a direct audio call or face-to-face meeting. Neglecting this precaution has led to a significant financial setback of Rs 56 lakh for a tech firm situated in the central business district, as online fraudsters successfully impersonated the managing director by replicating his WhatsApp identity.
Inspector Eashwarni PN and her team promptly initiated an investigation by tracing the financial transactions. Their inquiry uncovered that the funds had been swiftly transferred through several bank accounts, one of which was registered in Hyderabad under the name Sai Kumar. He confessed to establishing the account under the instructions of a gang headed by Grishma, who compensated him between Rs 10,000 and Rs 15,000 for each Rs 10 lakh funneled through his account.
Grishma was identified as a cryptocurrency trader who disclosed that she was contacted by an unknown person while engaging in a transaction with a crypto firm. This individual presented her with a chance to increase her earnings by collaborating with him. Following his advice, Grishma proceeded to download an application named U-HomeEX and completed her registration. Her responsibility involved supplying bank accounts for the purpose of money transfers. Subsequently, the funds in these accounts were withdrawn and exchanged for USDT (a form of cryptocurrency), which Grishma later sold to various individuals for profit.
Grishma and her five accomplices have been apprehended by the police. The identity of the mastermind remains unknown. The group admitted to running the operation for the last six months. Among Grishma’s extravagant acquisitions was a pre-owned Audi A4. Authorities have confiscated the vehicle, mobile devices, and Rs 56,000, in addition to freezing Rs 5 lakh in bank accounts. Efforts are ongoing to recover the outstanding Rs 50 lakh.