A Pune-based engineering products manufacturing firm fell victim to a sophisticated cyber fraud, losing Rs73 lakh to criminals who used spoofed emails to impersonate a German supplier. The fraud occurred between June 2024 and April last year. The company's director filed a complaint with the Pune cyber police on Wednesday.
Details of the Fraud
According to a cyber police officer, the victim company, located in Vimannagar, was in the process of purchasing a carton box packing machine from a German associate. The two parties had been communicating via email. Cybercriminals allegedly hacked into either the company's email account or that of the German associate, stealing sensitive information about the transaction.
The fraudsters then created a fake company and sent a detailed quotation for the carton box packing machine to the victim company. The quoted price was USD 86,747, which, at the prevailing exchange rate, amounted to Rs73.18 lakh.
Transaction and Aftermath
Trusting the fraudulent communication, the engineering firm transferred Rs73.18 lakh to the bank account specified in the email. The account was located in Chicago, USA. When the expected machine did not arrive, the company attempted to contact the fake firm but received no response. Subsequently, they discovered that the company they had been dealing with was fraudulent.
The cyber police have registered a case and launched an investigation. The officer stated, 'We have registered the case and launched an investigation into the case.' The authorities are working to trace the funds and identify the perpetrators.
This incident highlights the growing threat of email spoofing and business email compromise (BEC) scams targeting companies engaged in international trade. Businesses are advised to verify payment details through independent channels and implement multi-factor authentication to prevent such frauds.
