Cybercriminals Pose as Company Director, Steal Rs 40 Lakh from Pune-Based Real Estate Firm
A Pune-based real estate company lost Rs 40 lakh to cyber fraudsters who posed as the company's director and tricked a staffer into making large transfers to a fraudulent bank account.
Real EstateCyber FraudWhale PhishingPuneCybercrimeReal EstateJul 22, 2024
A probe has been launched into the incident, which is being investigated by the Cyber Crime police station of Pune city police. An FIR was registered at Deccan Gymkhana police station based on a complaint filed by the 39-year-old director of the real estate firm.
The attack began when a staffer at the real estate firm received a message from an unknown phone number with the sender identifying himself as the director of the company. The number also had a profile picture of the director as the display picture on the phone messenger profile. The sender texted the staffer that he was busy and would not be able to talk over the phone, and instructed the staffer to make large transfers totalling Rs 40.6 lakh over a short period.
Later, when the staffer spoke with the director, he found that the latter had given no such instructions of fund transfer. It became clear that the firm had been swindled for Rs 40 lakh. Police have launched a probe into the cell phone number and the bank account used in the fraud, which is registered at an address in Kushi Nagar in Uttar Pradesh.
This is not an isolated incident, as Pune City police have reported nearly eight 'whale phishing attacks' since July last year. In one such case registered in November last year, Pune-headquartered global vaccine major Serum Institute of India was cheated of Rs one crore. In the case registered in February, a real estate company lost Rs 4 crore.
Whale phishing or spear phishing attacks are focused on specific individuals, often top officials of the company who handle finances. The term 'whale phishing' emphasizes the targeting of influential figures, which poses a greater risk than mere financial loss, as the divulgence of critical information could have far-reaching consequences in company operations.
information Whale phishing scams are a type of cybercrime that became prevalent in the United States during the late 2010s. In addition to directly targeting high-profile individuals, there have been recorded cases in which perpetrators may manipulate employees to disclose sensitive information.
The Pune City police have been working to combat cybercrime, including investigating several cases of whale phishing over the last one year and arresting multiple suspects who were part of organized cybercrime rackets.
Frequently Asked Questions
What is whale phishing?
Whale phishing is a type of cybercrime that targets high-profile individuals, often top officials of a company, in an attempt to manipulate them into disclosing sensitive information or transferring large funds to fraudulent accounts.
How did the cybercriminals pose as the company director?
The cybercriminals sent a message from an unknown phone number with the sender identifying himself as the director of the company, complete with a profile picture of the director as the display picture on the phone messenger profile.
How much money was lost in this incident?
The real estate company lost Rs 40 lakh in this incident.
Have there been other cases of whale phishing in Pune?
Yes, Pune City police have reported nearly eight 'whale phishing attacks' since July last year, resulting in significant financial losses for several companies.
What is being done to combat cybercrime in Pune?
The Pune City police have been working to combat cybercrime, including investigating several cases of whale phishing and arresting multiple suspects who were part of organized cybercrime rackets.
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