Mumbai-based metal trading company has fallen victim to a sophisticated cyber fraud in which scammers allegedly impersonated the company’s director on WhatsApp and tricked an employee into transferring ₹1.99 crore to a fraudulent bank account. Mumbai Cyber Police have arrested one accused in connection with the case and managed to freeze nearly half of the defrauded amount while the investigation into the wider network continues.
According to police, the incident took place between June 21 and June 22 at a metal business located in the Lamington Road area of south Mumbai. Investigators said an employee received a WhatsApp message from a mobile number displaying the photograph of the company’s director. The sender allegedly claimed that it was the director’s personal number and instructed the employee to urgently transfer ₹1.99 crore to the bank account of another company for an official business transaction.
Believing that the message had genuinely come from the company director, the employee carried out the transfer without independently verifying the request through another communication channel. Police said the fraud came to light nearly 30 minutes later when it was discovered that the actual director had never sent the message or authorised any such payment.
Immediately after realising the fraud, the company’s representatives contacted their banks and reported the incident to the National Cyber Crime Helpline (1930). Acting swiftly, cyber authorities initiated the financial interception process and succeeded in freezing nearly ₹1 crore before the money could be completely withdrawn or diverted through multiple accounts.
During the investigation, Mumbai Cyber Police tracked the financial trail and arrested 32-year-old Dhruv Jaiswal from Ahmedabad on July 1. According to investigators, the accused allegedly provided his identity and banking details, which were used to open an account through which the fraudulently obtained money was routed. Police are now examining whether he was an active participant in the conspiracy or acted on behalf of a larger organised cyber fraud network.
Investigators are analysing bank records, digital communication, mobile devices and transaction trails to identify other individuals involved in the operation. Officials suspect that multiple persons may have participated in creating fraudulent bank accounts, managing financial transfers and coordinating the impersonation scam. Further arrests are expected as the investigation progresses.
Police also revealed that the incident occurred just weeks after the Cyber Police had conducted a cyber awareness programme for companies associated with the Metal and Stainless Steel Merchant’s Association. During the awareness session, officers had specifically warned businesses about executive impersonation frauds in which cybercriminals use profile photographs of company executives on messaging platforms to convince employees to transfer funds. However, the victim company’s director reportedly did not attend the programme.
Commenting on the case, renowned cybercrime expert and former IPS officer Prof. Triveni Singh said executive impersonation scams have become one of the fastest-growing forms of business email and messaging fraud. He said organisations should implement mandatory multi-level payment approval systems, verify all high-value financial instructions through an independent phone call or in-person confirmation, and never rely solely on WhatsApp messages or profile photographs for authorising transactions. He added that prompt reporting to banks and the cyber helpline significantly improves the chances of freezing stolen funds before they are laundered through multiple accounts.
Police said the investigation is continuing and further legal action will be taken based on digital evidence, banking records and financial transaction analysis. Authorities have advised businesses to strengthen internal payment verification procedures and regularly conduct cyber awareness training for employees to prevent similar frauds.
