Cyber Fraud in Pharmaceutical Industry

A Bengaluru pharmaceutical company fell victim to a sophisticated cyber fraud, losing ₹1.9 crore (US$230,000) after an impostor, posing as the chairman, tricked the COO and accountant into transferring funds. The scammer used spoofed emails and messaging apps, claiming to be in a "high-priority" meeting with a government official, which led to the unauthorized transfer to a cargo company's account in Virar, Mumbai.

Cyber Fraud in Pharmaceutical IndustryCyber Fraud in Pharmaceutical Industry

The fraud was uncovered when the real chairman discovered the transaction and confirmed he had not sent any messages. A formal complaint was filed with the North Division Cyber Crime Police, leading to charges under the Information Technology Act, 2000, and Section 318(4) of the Bharatiya Nyaya Sanhita, 2023.

Cyber Fraud in Pharmaceutical IndustryCyber Fraud in Pharmaceutical Industry

Investigators are tracing digital footprints to identify the perpetrator, describing the incident as a "classic CFO-targeted spoofing attack." Cybercriminals often exploit trust by impersonating high-ranking executives and create urgency to bypass verification steps. Funds were routed to a cargo company account, a common tactic for laundering stolen money.

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