According to a report in The Hindu, Rs 14.26 crore was swindled from Flipkart co-founder Sachin Bansal's fintech startup Navi Technologies last month by taking advantage of a system bug.
The Whitefield Cyber Crime Police in Bengaluru on Saturday registered a case against unknown fraudsters.
According to The Hindu, the fraud was related to the company's third-party payment gateway (TPAP), which is used for EMI payments and cell recharge through the Navi app. The company's vigilance team detected the fraud after noticing strange transaction patterns.
How fraudsters defrauded Navi Technologies of Rs 14.26 crore? How did they commit the scam?
The fraudsters would first enter higher amounts for services like EMI payments and cellphone recharge and then when the payment was confirmed, they would change the amount payable to just Rs 1. Even though the system showed only the minimum amount as successful, Navi Technologies was billed for the full amount. According to Srinivas Gowda, vigilance officer at Navi Technologies, the Bengaluru-based fintech company recorded fraudulent activities between December 10-24, 2024, in which multiple criminals took advantage of vulnerabilities to defraud the company. In December 2024, scammers took advantage of this bug to defraud Navi Technologies of Rs 14.26 crore in two weeks. Sachin Bansal founded Navi in 2018, just months after leaving Flipkart. Navi provides financial products and services to customers.
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