Cyber Con Artist Poses as Real Estate Firm Representative, Defrauds SBI Staff of Rs. 38.2 Lakh
A cyber con artist posing as a representative of a city-based real estate firm managed to defraud the State Bank of India (SBI) staff of Rs. 38.2 lakh by spoofing an authorized email account and making urgent payment requests.
Cyber FraudReal EstateSbiReraImpersonationReal Estate NewsOct 16, 2025
Posing as a representative of a city-based real estate firm, a cyber con artist managed to defraud the State Bank of India (SBI) staff of Rs. 38.2 lakh on last Wednesday. The fraud was executed by spoofing an authorized email account and making urgent payment requests.
Based on the complaint filed by the Chief Manager of the State Bank of India, the East Division Cyber Crime Police registered an FIR on Monday, charging the accused under various sections of the IT Act and impersonation under BNS for further investigation.
According to the complaint, the SBI Banaswadi branch has been handling an RERA escrow account for Adithi Developers, a city-based real estate developer, since July this year. This account is designed to ensure that all purchases of apartments in the project are accompanied by the deposit of consideration, and all vendor payments are made through this account.
All deposits and withdrawals are strictly regulated under statutory guidelines to ensure transparency and safeguard the interests of homebuyers and investors. The branch has been processing genuine payment instructions for project-related disbursements, vendor settlements, and other legitimate expenses of the developer. These requests have consistently originated from the registered official e-mail ID, and no discrepancies had been observed prior to the present fraudulent incident.
The account has been in regular operation without any adverse remarks, and the customer has maintained a healthy relationship with the branch. Given the regulatory nature of RERA accounts, the bank exercises heightened scrutiny and due diligence in handling all transactions.
However, on last Wednesday at around 11:01 am, the branch received a telephone call from someone claiming to be an authorized person from Adithi Developers. The caller referred to an email request for the transfer of funds and insisted that the payments be processed urgently to meet the project requirements. As the payment instructions were received through an email sent from [email protected], the authorized email account, an RTGS transfer of Rs. 38.2 lakh was made to the beneficiaries.
Since similar instructions had previously been received from the said registered email ID and duly executed for authorized project-related disbursements, the bank staff proceeded with the transaction. The fraud came to light the next day when the authorized representative of Adithi Developers contacted the branch and categorically denied having initiated or authorized the transactions. By then, the funds had already been transmitted through the RTGS system.
They confirmed that no such instructions were issued by them through their official email ID, nor did they make any telephonic request in this regard. Upon further scrutiny of the email header details, it was discovered that the fraudulent instructions had been sent from an unauthorized and spoofed email account deliberately designed to resemble the genuine ID, thereby misleading both the branch and the customer.
The staff filed an online complaint through the National Cyber Crime Reporting Portal before approaching the police for help. The police are now trying to track down the accused through the money transactions.
Frequently Asked Questions
What is an RERA escrow account?
An RERA (Real Estate Regulatory Authority) escrow account is a regulated account used by real estate developers to hold and manage funds related to property sales. It ensures transparency and protects the interests of homebuyers and investors by ensuring that funds are used only for project-related expenses.
How did the fraudster manage to deceive the SBI staff?
The fraudster spoofed an authorized email account and made urgent payment requests, convincing the SBI staff to transfer Rs. 38.2 lakh to the beneficiaries. The staff was misled because the email appeared to come from the genuine email ID of the real estate firm.
What actions did the SBI take after discovering the fraud?
After discovering the fraud, the SBI staff filed an online complaint through the National Cyber Crime Reporting Portal and approached the police for help. The police registered an FIR and are now trying to track down the accused through the money transactions.
How can banks prevent such cyber frauds in the future?
Banks can prevent such frauds by implementing stricter verification procedures, such as multi-factor authentication, and by educating staff about the risks of spoofed emails and unauthorized transactions. Regular training and awareness programs can also help in identifying and preventing such incidents.
What is the role of the East Division Cyber Crime Police in this case?
The East Division Cyber Crime Police registered an FIR based on the complaint filed by the SBI and are now investigating the case. They are working to track down the accused and recover the stolen funds through the money transactions.
Related News Articles
Honoring Excellence in Indian Real Estate: Realty+ Women Icon Awards 2024
Realty+ celebrates women leaders in Indian real estate, pushing boundaries and driving growth.
Purva Home Fest 2024: A Grand Celebration of Home Buying in Mumbai and Pune
Get ready to find your dream home as Puravankara, a renowned real estate developer in India, presents the Purva Home Fest 2024 in Mumbai and Pune, starting from Navratri.
Latest Developments in the Indian Real Estate and Infrastructure Sectors: Godrej Properties, L&T, Indian Oil, PNC Infratech, NALCO in Focus
Godrej Properties Ltd has made a strategic move by acquiring three adjoining plots totaling 6.54 acres in Kharghar, Mumbai. This acquisition comes at a time when the real estate market is witnessing robust housing demand, making it a significant step for
Rise of Certified Real Estate Professionals: Lamrin Tech Skills University Takes the Lead
The real estate market in India has matured, becoming more organized and transparent. It's time for a unified policy in the sector, and Lamrin Tech Skills University is leading the way by awarding certifications to real estate professionals.
FASTag Becomes Mandatory at MSRDC Toll Plazas from April 2025
Starting from April 2025, the Maharashtra State Road Development Corporation (MSRDC) will enforce the mandatory use of FASTag at all its toll plazas, marking a significant step towards streamlining toll payments and reducing traffic congestion.
Pune Set to Launch Trump World Center: India's First Trump-Branded Office Complex
Pune is set to welcome the first Trump-branded office complex in India, marking a significant milestone in the country's real estate market. This ambitious project, known as Trump World Center, is expected to bring a new level of luxury and prestige to th