Chennai Businessman Nearly Loses Rs 2 Crore in Sophisticated Email Scam

Chennai Businessman Nearly Loses Rs 2 Crore in Sophisticated Email Scam

A businessman based in Chennai narrowly escaped a devastating loss of Rs 2 crore after becoming the target of a sophisticated cyber scam. According to a report by The Times of India fraudsters executed a well-planned scheme involving a spoofed email that deceived Agrigo Trading Private Limited into transferring a substantial sum to a fraudulent account.

Details of the Scam

The cybercriminals successfully infiltrated legitimate business communications by sending a fraudulent email designed to mimic that of the company’s supplier. The email which originated from the address kunal1113@gmail.com continued an ongoing conversation to lend credibility to the deception. It contained a pro-forma invoice demanding payment of $238,500 which is approximately Rs 2 crore along with bank account details for the intended transfer.

Believing the email to be authentic the general manager of Agrigo Trading Private Limited proceeded to transfer the specified amount through NEFT from their State Bank of India (SBI) account in Chennai to a Regions Bank account in the United States on September 26.

The scam was uncovered the following day September 27 when the businessman contacted the real supplier to confirm the transaction only to discover that the email he had received was fraudulent and that the payment had been sent to the scammers.

Immediate Response and Recovery Efforts

Upon realizing the extent of the fraud Agrigo Trading Private Limited swiftly filed a complaint through the National Cyber Crime Reporting Portal. In response to the urgent situation a case was registered by the State Cyber Crime Investigation Centre under relevant sections of the IT Act 2000 and BNS 2023.

The cybercrime team acted promptly coordinating with both the State Bank of India and Regions Bank in the United States. With the backing of the Ministry of Home Affairs and the Indian Cyber Crime Coordination Centre (I4C) they managed to trace the fraudulent transaction and recover the entire Rs 2 crore which was subsequently returned to the company’s account.

Implications and Warnings

This incident highlights the increasing risk of cybercrime particularly in the realm of business transactions. Scammers frequently employ email spoofing techniques to impersonate legitimate contacts thereby making it easier for unsuspecting businesses to fall victim to such schemes.

Preventative Measures and Reporting Scams

If individuals suspect they have been targeted by similar scams it is crucial to act quickly. They should report the incident immediately by calling the Cyber Crime Toll-free Helpline at 1930 or by filing a complaint at www.cybercrime.gov.in. While the businessman in this case was fortunate enough to recover his funds many others may not have the same outcome. Therefore it is essential to always verify the authenticity of emails especially when they involve large sums of money.