Mumbai Company Loses ₹2.30 Crore In Microsoft Teams Scam

A Mumbai-based company, Apar Industries Limited, has been allegedly cheated of ₹2.30 crore in a cyber fraud. The fraudsters impersonated the company's directors on Microsoft Teams and tricked senior finance officials into transferring funds to a fraudulent bank account.

The complaint was lodged by Parameswaran Mahadev Ayyar, a Senior Manager at Apar Industries Limited, who has been working with the company for 30 years and handles banking transactions. He reports to Vinayak Krishnaji Lele, Senior Vice President (Finance).

On July 31, Lele was added to a Microsoft Teams group chat titled 'Work Group' which appeared to include the company's directors, Chaitanya Desai and Kushal Desai. The fraudsters used what appeared to be the genuine Microsoft Teams IDs of the directors. After joining the group, a user posing as Kushal Desai asked Lele to confirm the company's bank balance and then instructed him to transfer ₹2.30 crore to a party.

The account details of MB Rubber, West Bengal, maintained with Bandhan Bank, were subsequently posted in the chat. Acting on these instructions, Lele directed Ayyar to process the payment. Ayyar then issued an RTGS instruction to the company's bank and transferred ₹2.30 crore from the company's account to the beneficiary account.

The fraud came to light later that day when Arpan Shah, while reviewing the day's transactions, noticed the unusually large transfer and sought clarification. It was then discovered that cyber fraudsters had impersonated the company's directors and fraudulently induced the transfer.

The complainant reported the incident to the National Cyber Crime Helpline on August 3. Copies of the Microsoft Teams conversations have also been submitted as evidence. The police have registered an FIR in connection with the fraud.

This incident highlights the increasing risk of cyber frauds in the city. Companies need to be vigilant and take necessary precautions to prevent such incidents. The use of Microsoft Teams and other digital platforms has made it easier for fraudsters to impersonate individuals and trick companies into transferring funds.

The Mumbai police have advised companies to verify the authenticity of instructions received through digital platforms and to be cautious when transferring large amounts of money. The police are also investigating the incident and are trying to track down the fraudsters.

The incident has caused a significant financial loss to the company and has raised concerns about the security of digital platforms. The company is taking necessary steps to prevent such incidents in the future.

The case is a reminder of the importance of being cautious when using digital platforms for financial transactions. Companies and individuals need to be aware of the risks of cyber fraud and take necessary precautions to prevent such incidents.

In recent times, there have been several cases of cyber fraud in the city, and the police have been taking steps to prevent such incidents. The registration of the FIR in this case is a step towards bringing the perpetrators to justice and preventing such incidents in the future.

The incident has also highlighted the need for companies to have robust security measures in place to prevent cyber fraud. This includes verifying the authenticity of instructions received through digital platforms and being cautious when transferring large amounts of money.

The police are investigating the incident and are trying to track down the fraudsters. The company is also taking necessary steps to prevent such incidents in the future.

In conclusion, the incident is a reminder of the importance of being cautious when using digital platforms for financial transactions. Companies and individuals need to be aware of the risks of cyber fraud and take necessary precautions to prevent such incidents.