Goa Police arrested two men from Pune within 48 hours of registering a cyber fraud case involving the impersonation of a company chief executive officer on WhatsApp and the fraudulent transfer of ₹2 crore through RTGS.
How Did the ₹2 Crore Fraud Happen?
The Cybercrime Police Station at Ribandar registered an FIR after the accused allegedly used the company CEO’s name and profile photograph on WhatsApp.
The impersonation was allegedly used to convince the company’s accountant that the payment request was genuine. Acting on the WhatsApp communication, the accountant was induced to transfer ₹2 crore to multiple bank accounts.
The case highlights a form of corporate impersonation fraud in which criminals pose as senior executives and approach employees who have access to company finances.
How Was the CEO Impersonated?
According to police, the accused allegedly used the CEO’s name and profile photograph on WhatsApp.
Such an approach can make a message appear to have come directly from a senior official, particularly when the recipient recognises the name and photograph displayed on the account.
In this case, the communication allegedly resulted in the company accountant transferring a substantial amount through RTGS.
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Who Was Arrested?
Police traced the beneficiary accounts and money trail during the investigation and immediately sent a team to Pune.
Two men, identified as Deepak Maske and Shyam Kasar, both from Pune, were apprehended at Pune International Airport in Lohegaon.
The arrests were made within 48 hours of the cyber fraud case being registered.
The accused were subsequently brought to Goa and produced before a court.
Where Did the Fraud Money Go?
Police said the ₹2 crore was transferred to multiple bank accounts after the accountant received the fraudulent WhatsApp request.
Investigators traced the beneficiary accounts and followed the money trail as part of the investigation.
Further investigation is underway to establish the complete movement of the money and identify other people who may have been involved in the cyber fraud network.
Why Is CEO Impersonation Fraud Dangerous?
The case demonstrates how a fraudster can attempt to exploit trust inside a company without needing to impersonate an unknown person. By allegedly using the CEO’s name and profile photograph, the accused made the request appear connected to someone with authority over financial decisions.
For employees handling company money, a message that appears to come from a senior executive can create pressure to act quickly. A familiar name or WhatsApp profile photograph, however, does not by itself establish that the person sending the message is genuine.
The ₹2 crore transfer in this case shows the potential financial consequences when a large payment request received through a messaging platform is acted upon without independent verification.
How Can Businesses Avoid Fake CEO Payment Frauds?
Goa Police advised businesses and the public to verify requests for large financial transactions received through WhatsApp, email or other digital platforms.
A payment instruction that appears to come from a CEO or another senior official should be independently confirmed before money is transferred, particularly when a large amount is involved. Employees should not rely only on the sender’s displayed name, photograph or message.
Susppected cyber fraud should be reported immediately to police or through the National Cyber Crime Reporting Portal. The case provides a clear warning for companies handling high-value transactions: verify the person giving the instruction before moving the money.
About the author — Ayesha Aayat writes on cybercrime, digital safety, and emerging online threats. Her work focuses on public awareness, legal clarity, and technology-driven risks.
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