Cyber Fraud Alert: Bengaluru Police Investigate ₹2.16 Crore Payment Scam Targeting Pharma Businesses

The Bengaluru Police Cyber Crime division is looking into an enormous cyber fraud case that involves Group Pharmaceuticals, a company situated in Bengaluru, and Dr. Reddy's Laboratories in Hyderabad. Reports say that hackers were able to get into the official email communication between the two companies and send a payment of ₹2.16 crore to a fake bank account.

According to a complaint from Mahesh Babu K, a senior executive at Group Pharmaceuticals, the company was waiting for Dr. Reddy's Laboratories to pay for supplies they had sent. But throughout the email discussion, hackers allegedly gained access into the conversation with no authorization. On November 3, the hackers pretended to be officials from Group Pharmaceuticals and sent false emails to Dr. Reddy's finance department with fake bank account information. The corporation thought it was legitimate and moved ₹2.16 crore to the fake account on November 4.

Dr. Reddy's Laboratories acted immediately after finding out about the scam. The company said in a statement that the funds were frozen before any loss occurred since they were found quickly and worked with their banking partners. The corporation also stated that neither Dr. Reddy's nor Group Pharmaceuticals will lose any money because the money was protected in time.

The Bengaluru Cyber Crime Police initiated a case on November 5 based on the complaint.They used the right parts of the Information Technology Act and the Bharatiya Nyaya Sanhita to charge the accused with cheating and impersonation. Early investigations have shown that the fake bank account was in Vadodara, Gujarat, and the police have already been able to block it. The authorities are still looking for the hackers and studying their digital footprints to find out who they are.

This instance shows how email spoofing and business email compromise (BEC) frauds are becoming more common across all fields. Cybercriminals are getting better at stealing company communications and redirecting big transactions. Experts believe this event is another reason for businesses to improve their cybersecurity, check payment information through safe channels, and do regular email security checks. The Bengaluru cyber fraud case is a warning to Indian firms to be on the lookout for digital impersonation and to make sure their financial communications are better protected.

Information referenced in this article is from India Today