In a major breakthrough against international cyber fraud, the Madhya Pradesh Cyber Police have successfully recovered ₹3.72 crore that was fraudulently transferred by an Indore-based company in a sophisticated business email compromise (BEC) scam. The amount was recovered following swift coordination with Indian and US cybercrime agencies, preventing what could have been a significant financial loss.
The case came to light after Shivganga Drillers Private Limited, a private firm based in Indore, was deceived into transferring a large sum to a fraudulent overseas bank account. The company was in the process of making a legitimate international payment of USD 415,017.58 (approximately ₹3.72 crore) to its US-based vendor, Innovex International Inc, located in Houston.
According to SP Sabyasachi Saraf, who supervised the investigation, cybercriminals intercepted the email communication between the Indian company and its overseas supplier and executed a carefully planned spoofing operation to divert the payment.
How the Fraud Was Executed
Investigators said the fraudsters used a business email compromise technique, a method increasingly being used to target corporate entities engaged in international transactions.
The criminals impersonated the legitimate vendor by creating a spoofed email address that closely resembled the original one. Using this fake identity, they sent emails to the Indore-based firm instructing it to transfer the payment to a different bank account, falsely claiming that the vendor had changed its banking details.
The forged communication appeared authentic in every respect, including email format, tone and signature style. Believing the request to be genuine, the company transferred the full amount to a bank account held with JP Morgan Bank in the United States.
Suspicion Raised After Second Email
Soon after the transfer, the company received another email stating that the payment had allegedly been rejected and requesting that the amount be re-sent to an alternative bank account. This raised suspicion among the company’s finance team.
To verify the claim, company officials contacted the vendor directly over the phone. During this conversation, it became clear that no payment had been rejected and that the vendor had never requested any change in banking details.
Realising that they had fallen victim to a cyber fraud, the company immediately approached the state cyber cell in Indore.
Swift Action Prevents Major Loss
A complaint was promptly registered on the National Cyber Crime Reporting Portal (I4C). Since the beneficiary account was located in the United States, a parallel complaint was also lodged with the Internet Crime Complaint Center (IC3), which functions under the US Federal Bureau of Investigation (FBI).
Based on the coordinated complaint and supporting documents, Indian authorities contacted JP Morgan Bank through official channels. The bank acted swiftly and froze the suspicious account, preventing the funds from being withdrawn or further transferred.
With the assistance of Bank of India, where the victim company held its account, the international recall process was initiated. Due to the timely response, the entire amount was successfully recovered and credited back to the company’s account.
Role of Cyber Crime Unit
Officials credited the success of the operation to the quick response by the cyber crime unit. Inspector Dinesh Verma and Sub-Inspector Itendra Singh played a key role in coordinating between Indian cyber authorities, US agencies and the banking system to ensure the recovery of funds.
Police said the case highlights the growing sophistication of cybercriminals and the importance of immediate reporting in such cases.
Advisory Issued for Businesses
Following the incident, the state cyber cell issued a public advisory urging companies and individuals to exercise extreme caution while making international payments.
Authorities warned that:
- Any request for change in bank details must be verified through independent communication channels
- Emails related to financial transactions should be cross-checked with phone or video confirmation
- Companies should deploy email authentication tools and multi-level approval systems
- Suspicious activity should be reported immediately to the cyber cell or via the National Cyber Crime Helpline
Officials also cautioned against delays in reporting, noting that recovery becomes increasingly difficult once funds are withdrawn or laundered through multiple accounts.
Growing Threat of Business Email Fraud
Cyber experts say business email compromise scams are among the fastest-growing cybercrimes globally, particularly targeting firms involved in international trade. Fraudsters exploit gaps in digital security, employee awareness and verification protocols to siphon off large sums.
The Indore case, however, stands out as a rare success story where timely action and international coordination prevented financial loss.
Authorities reiterated that while cyber fraud techniques are evolving rapidly, vigilance, verification and quick reporting remain the strongest safeguards against such crimes.
