Fraudsters Target Company's SIM Cards, Steal ₹33.71 Lakh

A cybercriminal operation targeting an aluminium casting firm in Pune’s Chinchwad region resulted in the unauthorized transfer of ₹33.71 lakh through five financial transactions.

Incident Overview

The scheme involved the deactivation of two SIM cards linked to the company’s banking systems, enabling attackers to bypass security protocols and siphon funds. Law enforcement has initiated an investigation into the incident. The perpetrators allegedly exploited a fabricated corporate address to manipulate telecom service providers into deactivating two SIM cards essential for the company’s financial operations. This action disrupted critical communication channels, allowing the attackers to intercept banking credentials and execute fraudulent transfers.

Timeline of Events

The company’s senior accountant first noticed the disruption on October 30 when a SIM card assigned for official duties ceased functioning around 1 p.m. By 4 p.m., a second SIM card used for banking activities also became inactive. The accountant later visited a telecom office in Nigdi to investigate and discovered that a request had been made to deactivate the devices. Following the SIM card deactivation, the attackers gained access to the company’s banking systems. Over the course of multiple transactions, ₹33.71 lakh was transferred without authorization.

Company’s Response and Discovery

The company’s 51-year-old owner, based in Nigdi Pradhikaran, only became aware of the theft on November 1 after reviewing the firm’s bank account. He reported the incident to the national cybercrime helpline and filed a formal complaint with local authorities. Preliminary inquiries indicate that the stolen funds were routed to a private bank account in Gautam Buddh Nagar, Uttar Pradesh. Investigators are working with the financial institution to trace the transactions and identify potential recipients.

Implications and Cybersecurity Lessons

The case has highlighted vulnerabilities in corporate SIM card management and the risks associated with identity impersonation in financial systems. Police are focusing on determining the individuals responsible for the SIM card deactivation and the subsequent financial breaches. The incident underscores the growing threat of cyber-enabled fraud, where attackers exploit administrative weaknesses to compromise business operations. Authorities continue to analyze digital footprints and communication records to build a comprehensive understanding of the attack vector.