Cyber Fraud Thwarted: Telangana Bureau Saves Rs 1.95 Crore from Scam

When an accounts officer from a Hyderabad-based company received a WhatsApp message on March 13, seemingly from the company's Chairman and Managing Director (CMD), requesting a swift transfer of Rs 1.95 crore for a new project, it set off a chain of events that almost resulted in a substantial financial loss. The message, complete with the CMD's profile picture, appeared legitimate, leading the officer to transfer the funds at 1:02 p.m. on that same day. However, the alarm was raised when the real CMD noticed a bank notification about the transfer and questioned the accounts officer, revealing the fraud.

The quick actions of the Telangana Cyber Security Bureau (TGCSB) on Friday thwarted a potential cyber fraud aimed at siphoning off Rs 1.95 crore from a company's bank account. After the company lodged a complaint upon realizing the deception, the TGCSB took immediate steps, receiving the complaint at 2:51 p.m. on March 13, to investigate and prevent the loss. They contacted the complainant to collect necessary details and screenshots, which facilitated coordination with the bank's nodal officers to secure the account before the fraudsters could access the funds.

"Due to this quick intervention, the entire Rs 1.95 crore was successfully saved before the fraudsters could withdraw the amount," stated Shikha Goel, Director of TGCSB. This incident underscores the bureau's effectiveness in protecting citizens and businesses from cyber threats and the importance of prompt reporting to authorities.

The initial misstep occurred when the accounts officer, misled by the deceitful message, acted without verifying the authenticity of the request through direct channels with the CMD. Upon discovering the fraudulent nature of the transaction, the company acted swiftly by reporting the incident to the National Cybercrime Reporting Portal (NCRP). However, the complaint initially lacked critical transaction details, posing a challenge in tracing the fraud quickly.

In light of this near miss, the TGCSB has issued a warning, urging individuals and businesses to exercise caution regarding financial requests received via WhatsApp, email, or phone calls, especially those seemingly from high-ranking officials within their organizations. "Always verify payment requests directly through official communication channels before making transactions. If you suspect fraud, report it immediately through the 1930 Cyber Helpline or www.cybercrime.gov.in to increase the chances of fund recovery," the bureau advised.

This incident highlights the growing sophistication of cyber fraudsters and the critical need for heightened vigilance and verification processes in financial transactions. It also showcases the vital role of cyber security agencies in intervening and preventing financial fraud, protecting businesses from significant losses.