Belagavi Duo Arrested for Rs 2 Crore Cyber Fraud in Pune

Pune: A hardware shop owner and his friend from Belagavi in Karnataka were arrested on Thursday for their alleged involvement in an online fraud case involving a man-in-the-middle cyberattack.

The accused allegedly cheated a city-based construction company in Hadapsar of Rs 1.95 crore in January. Senior inspector Swapnali Shinde of the Pune cyber police said, 'We arrested Ajay Ramvilas Yadav (22) and Salman Gaus Moinuddin Ajnal (32), both residents of Belagavi, on Thursday evening. We established the money trail in the fraud case registered on January 19 and found that the account to which the money was transferred belonged to Yadav.'

Shinde added, 'Yadav, who runs a hardware shop with his father, holds a joint bank account. He had shared his bank account credentials with Ajnal, who works at a local garage. Ajnal had promised him a commission from the transactions. Based on this information, we arrested Ajnal. We are now searching for Ajnal's handlers and others involved in the case.'

The construction company had lodged a complaint with the police, stating that it had ordered construction and other equipment from another firm and was supposed to pay Rs 1.95 crore towards the bills. The company received an email from an address almost identical to the equipment-supplying firm. The fraudsters had altered the email by inserting different bank account details instead of those of the legitimate firm.

The Hadapsar-based firm, without verifying the account details with the firm's officials, transferred the money to the bank account mentioned in the email. This careless action led to the significant financial loss, highlighting the importance of verifying such transactions before making payments.

Cybersecurity experts emphasize the need for businesses to implement robust verification processes to prevent such fraudulent activities. Regular training for employees on recognizing and reporting suspicious activities can also play a crucial role in safeguarding company assets.

The Pune Cyber Police have urged other victims of similar frauds to come forward and report their cases. They are also working closely with financial institutions to trace and recover the stolen funds.

This case underscores the growing threat of cyber fraud in the business world and the need for heightened vigilance and proactive measures to protect against such attacks.