A businessman from Chennai almost lost Rs 2 crore after falling for a clever cyber scam. According to a report by The Times of India, fraudsters tricked Agrigo Trading Private Limited into transferring the substantial amount to a fictitious account by sending a bogus email.
The cybercriminals succeeded in penetrating the authentic business correspondence by posing as the company’s supplier in an emailed scam. The email appeared authentic because it was sent from the address kunal1113@gmail.com and carried on an ongoing conversation. It contained a pro-forma invoice for $2,38,500, or around Rs 2 crore, in payment, as well as comprehensive bank account details for the purported transfer.
The company’s general manager, who thought it was authentic, sent the money on September 26 using NEFT from their State Bank of India (SBI) account in Chennai to the designated Regions Bank account in the US. The businessman discovered the scam when, on September 27, he followed up with the genuine supplier and discovered the email was fraudulent and the money had been transferred to con artists.
The business reported the scam right away to the National Cyber Crime Reporting Portal after realizing they had been conned. The State Cyber Crime Investigation Centre promptly filed a complaint per BNS 2023 and parts of the IT Act 2000.
A cybercrime squad moves swiftly.
The cybercrime team worked quickly, liaising with the US Regions Bank and the State Bank of India. They were able to track down the fraudulent transaction with the help of the Indian Cyber Crime Coordination Center (I4C) and the Ministry of Home Affairs. The complete amount of Rs 2 crore was successfully recovered and added back to the company’s account because of their quick actions.
The increasing risk of cybercrime in both personal and commercial interactions is shown by this instance. Email spoofing is a common tactic used by scammers to pose as trustworthy connections, making it simple for organizations to fall victim.
How should you proceed if you’ve been duped?
If you believe you have fallen victim to one of these scams, report it right away by calling the Cybercrime Toll-free Helpline at (800) 989-1930 or by submitting a complaint online at www.cybercrime.gov.in. The businessman in this instance was fortunate enough to receive his money back, but there may be many others who are not as fortunate. Always confirm the legitimacy of emails, particularly when big money is at stake.