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Email From 'Chairman' Costs Pharma Company Rs 1.9 Crore in Cyber Fraud

Bengaluru: A meticulously executed email spoofing attack has led to a massive financial loss for a pharmaceutical company. The North Division Cyber Crime Police in Bengaluru are investigating a high-profile case of cyber fraud in which a man, posing as the chairman of a pharma firm, allegedly tricked the firm's accountant into transferring Rs 1.9 crore to a fraudulent bank account.
According to the police complaint filed by Saravanan V., the accused impersonated the company chairman by using his name and photo, and contacted the company’s Chief Operating Officer (COO) through a messaging platform about a week ago. Posing as the chairman, the conman claimed he was using a new phone number and requested sensitive bank account details.
Believing the message to be authentic, the COO forwarded the request to the company’s accountant, instructing him to share the required financial information. Continuing the impersonation, the fraudster told the accountant that he was in the middle of a business meeting with a government representative regarding a new project and would not be able to talk directly.
The imposter then requested the current balance of the company’s bank account. Trusting the request to be genuine, the accountant sent a screenshot of the account balance via WhatsApp. Soon after, the accused asked for Rs 1.92 crore to be transferred for the so-called project. When asked where to transfer the money, he provided bank details of a cargo and courier company located in Virar (East), Mumbai.
Unaware that he was dealing with a fraudster, the accountant proceeded to transfer the amount as instructed and later informed the COO. The scam came to light only after the company’s real chairman was informed of the transaction. He immediately clarified that he had not sent any such messages or issued any payment instructions.
Following the discovery, a formal complaint was filed and a case was registered at the North Division Cyber Crime Police Station. The police have booked the unidentified accused under provisions of the Information Technology Act, 2000, as well as Section 318(4) of the Bharatiya Nyaya Sanhita, 2023, which deals with cheating involving fraudulent inducement to deliver property.
Also Read: Rs 22 Crore Gone In A Click: Pharma Giant Alkem Labs Falls Victim To Cyber Fraud
Police officials are now working to trace the accused using digital forensics and bank transaction trails. A senior officer involved in the investigation told The Hindu, “This is one of the most common forms of cyber fraud,” and urged the public to always cross-verify messages and confirm identities before responding to monetary requests.
Farhat Nasim joined Medical Dialogue an Editor for the Business Section in 2017. She Covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She is a graduate of St.Xavier’s College Ranchi. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751