Hyderabad Firm’s Near Miss with Cyber Fraud: Rs 1.95 Crore Recovered

A Hyderabad firm nearly lost Rs 1.95 crore due to a fraudulent WhatsApp message that seemed to come from its MD, requesting funds for a project. Thanks to the Telangana Cyber Security Bureau’s intervention, the entire amount was recovered. This highlights an increasing trend in cyber fraud, prompting ongoing public awareness and prevention efforts.

A recent incident in Hyderabad reveals a sophisticated cyber fraud involving a fake WhatsApp message. An accounts officer at a firm was deceived into transferring Rs 1.95 crore after receiving what appeared to be a legitimate request from the company’s Managing Director (MD). The fraudulent message made it seem as though the MD requested the advance payment for a new project.

The actual MD was alerted to the transaction when he received a bank notification and quickly contacted the accounts officer. The officer’s confirmation of the WhatsApp message triggered the company to file a complaint with the National Cybercrime Reporting Portal (NCRP). Upon investigation, the NCRP confirmed the fraudulent transaction and began efforts to track the funds.

Despite initial difficulties, collaboration with the company, the MD, and bank officials led to the recovery of the entire amount. Fortunately, the criminals had not withdrawn any of the funds at the time of recovery. This incident highlights the increasing prevalence of cybercrime, as many individuals and businesses have fallen victim to similar scams.

For instance, in a separate case in Hyderabad, a woman lost Rs 1 crore to fraudsters posing as stock market investment advisors. Additionally, social media influencer Akanksha Thakral lost Rs 1.1 lakh after engaging with what she thought was a legitimate call from a bank officer.

To combat these crimes, the Cyber Crime Coordination Centre (I4C) has removed around 60,000 fraudulent WhatsApp accounts and processed nearly 10 lakh complaints. Citizens have already saved over Rs 3,431 crore through these measures. The I4C operates a helpline, 1930, to assist those who have been victimized.

Authorities in Telangana issue guidelines recommending caution towards unsolicited money transfer requests via WhatsApp, email, or phone, and emphasize the importance of verification through official channels before processing payments. Prompt reporting of suspected fraud is crucial for recovery efforts, and residents are encouraged to utilize the helpline or report online for assistance.

The recent incident in Hyderabad serves as a critical reminder of the risks associated with cyber fraud. The successful recovery of Rs 1.95 crore by the Telangana Cyber Security Bureau highlights the importance of swift action and collaboration between businesses, banks, and law enforcement. With rising cybercrime rates, it is essential for individuals and organizations to exercise caution regarding unsolicited financial requests and stay informed about protective measures. Utilizing dedicated resources like the I4C helpline can also aid in recovering lost funds and preventing future scams.

Original Source: www.ndtv.com