The Pimpri Chinchwad cyber police have successfully recovered ₹31 crore for a Chakan-based bioscience company after it fell victim to a sophisticated email spoofing fraud between April and May this year. The swift action, taken in collaboration with the company’s bank, prevented cybercriminals from siphoning away the entire sum of ₹33.5 crore.
Despite the recovery, the company incurred a loss of ₹1.4 crore in the incident. An official complaint was lodged with the cyber police on Wednesday.
How the Cyber Fraud Unfolded
According to Assistant Inspector Pravin Swami, the targeted bioscience firm operates a plant in New Jersey, USA. In April, cybercriminals hacked the email account of a US-based company officer to gain access to sensitive vendor information.
The attackers then breached the email account of one of the company’s vendors, created a fake domain mimicking the vendor’s identity, and altered the vendor’s registered bank account number. The fraudulent details were sent to the company’s US office under the guise of an official payment request.
Believing the request to be legitimate, the US-based official forwarded the altered payment information to the Chakan headquarters. Consequently, the company transferred ₹33.5 crore to the bank account specified by the fraudsters.
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Rapid Response and Recovery Efforts
The fraud came to light only after the transaction was completed. The company immediately approached the Pimpri Chinchwad cyber police. Officers acted promptly, coordinating with the company’s bank to freeze the suspect account before the funds could be withdrawn.
Police also advised the company to file a parallel complaint with US authorities to bolster cross-border investigative efforts. The combined actions resulted in the recovery of ₹31 crore, which was returned to the company.
Investigations Continue
Assistant Inspector Swami confirmed that the case remains under active investigation. Authorities are examining the technical trail left by the cybercriminals, including IP addresses, domain registration details, and transaction logs, to identify and apprehend those responsible.
The incident underscores the increasing threat posed by Business Email Compromise (BEC) scams, where cybercriminals exploit hacked communications and spoofed domains to redirect corporate payments.
