Navi Mumbai: A Vashi-based fintech company lost Rs 1.98 crore after cybercriminals allegedly breached its financial transaction system and carried out 57 unauthorised fund transfers within 94 minutes on Thursday. The money was transferred to multiple bank accounts across the country, according to the preliminary investigation.
Cyber Police Register Case
The Navi Mumbai Cyber Police have registered a case against unidentified persons under relevant sections of the Information Technology Act and the Bharatiya Nyaya Sanhita. Police are now tracing the beneficiary accounts and examining the technical route used to breach the company's system.
“The investigation is at an early stage. We are examining the beneficiary accounts and the digital trail to identify the accused and determine how the company's system was breached,” a Navi Mumbai Cyber Police officer said.
Employees Detect Settlement Failure
The incident came to light after employees of VK Venture Pvt Ltd, located at Vashi Railway Commercial Complex, noticed that daily settlements for the company's retailers were not being processed at around 11.30 am on October 2. Company director Vinay Kedia subsequently checked the financial system and found several unauthorised transactions.
According to the complaint, the cybercriminals accessed the company's financial transaction system between 10.19 am and 11.53 am and made 57 fund transfers through the electronic ledger linked to its current account with Yes Bank. A total of Rs 1 crore 98 lakh 29 thousand was allegedly transferred to unknown bank accounts.
Firm Serves Five Lakh Retailers
The company provides cash withdrawal and other financial transaction services to around five lakh registered retailers across the country through its Biznext portal and the Aadhaar Enabled Payment System (AePS).
The fraud was allegedly carried out without the use of valid user credentials or authorised OTP consent, indicating that the system was bypassed during the transactions.
After discovering the unauthorised transfers, the company immediately shut down the affected server and financial transaction systems to prevent further losses. It also alerted the cybercrime helpline 1930 and reported the incident through the National Cyber Crime Reporting Portal before approaching the Navi Mumbai Cyber Police.
Police are examining the beneficiary accounts, their account holders and the digital systems used for the transfers. The technical investigation is also aimed at identifying those responsible for the breach.
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