One WhatsApp Message, ₹1.99 Crore Lost: Director Impersonation Scam Exposed

Post Views: 17

One Message, ₹1.99 Crore Gone: Director Impersonation Scam Busted A Mumbai-based metal trading firm suffered a significant financial loss after falling victim to a cyber fraud scheme involving the impersonation of its director. Scammers allegedly used a messaging platform to mimic the company’s executive, deceiving an employee into transferring ₹1.99 crore to a fraudulent bank account. Mumbai Cyber Police have identified one suspect and recovered a portion of the stolen funds, while the broader investigation remains active.

The Incident

The incident occurred between June 21 and June 22 at a business located in the Lamington Road area of south Mumbai. Authorities reported that an employee received a message from a mobile number displaying the director’s profile picture. The sender claimed to be the executive and urgently requested the transfer of ₹1.99 crore to another company’s account for a business transaction. The employee, trusting the message’s authenticity, executed the transfer without cross-verifying the request through alternative communication channels.

How the Scam Unfolded

The fraud was discovered approximately 30 minutes later when the actual director confirmed no such instruction had been issued. The company immediately notified its banks and contacted the National Cyber Crime Helpline (1930). Cyber authorities acted swiftly, managing to freeze nearly ₹1 crore before the funds could be fully withdrawn or dispersed through multiple accounts.

The Investigation

Mumbai Cyber Police arrested 32-year-old Dhruv Jaiswal from Ahmedabad on July 1. Investigators stated that the accused provided personal and banking details used to establish an account for routing the stolen money. Authorities are examining whether Jaiswal was directly involved in the scheme or part of a larger organized network. The investigation is focused on tracing financial transactions, analyzing digital communications, and reviewing mobile device data to identify additional participants.

Future Arrests Expected

Officials suspect multiple individuals may have been involved in creating fake bank accounts, facilitating transfers, and orchestrating the impersonation. Further arrests are anticipated as the probe advances.

Cyber Awareness Session

The case unfolded shortly after Mumbai Cyber Police conducted a cyber awareness session for businesses affiliated with the Metal and Stainless Steel Merchant’s Association. During the event, officers highlighted the risks of executive impersonation scams, where criminals use official photographs to deceive employees into transferring funds. The victim company’s director reportedly did not attend the training.

Expert Advice

Cybercrime expert and former IPS officer Prof. Triveni Singh noted that executive impersonation frauds are increasingly prevalent. He emphasized the importance of implementing multi-tiered payment verification processes, confirming high-value transactions via independent phone calls or in-person meetings, and avoiding reliance on messages or profile images for authorization. Singh also stressed the critical role of timely reporting to banks and cybercrime helplines in recovering stolen funds.

Policing Response

Mumbai Cyber Police stated that the investigation is ongoing, with legal actions pending based on digital evidence, banking records, and transaction analyses. Authorities have urged businesses to reinforce internal financial verification protocols and conduct regular cyber awareness training for employees to mitigate similar risks.