Scammers Impersonate Company Owner, Trick Accountant Into Transferring ₹3.16 Crore
Cybercriminals allegedly compromised a construction company’s executive account and impersonated the owner to deceive an accountant into initiating three financial transfers totaling ₹3.16 crore.
Cybercriminals allegedly compromised a construction company’s executive account and impersonated the owner to deceive an accountant into initiating three financial transfers totaling ₹3.16 crore. The incident occurred when a ZIP file was sent to the company’s financial officer, reportedly serving as a vector for initial access. Subsequent communications via a secondary mobile number enabled the fraudsters to manipulate the accountant into disclosing sensitive financial information and executing unauthorized transactions.
The construction company, which operates a branch in Swastik Vihar, MDC Sector 5, reported the breach after the accountant transferred funds in three separate transactions. The first transfer exceeded ₹1 crore, followed by a second of approximately ₹1 crore, and a final disbursement of ₹1.06 crore to distinct bank accounts. All transactions were executed based on instructions allegedly originating from the company’s owner, who later denied issuing any such directives.
Investigations by the Cyber Crime Police Station in Sector 20 revealed that the stolen funds were routed into accounts linked to two suspects: Punnapuneddy, a Hyderabad resident, and Nagireddy, from Andhra Pradesh. Police have detained both individuals and are examining their financial activities to trace the movement of the illicit proceeds. Additional bank accounts and potential accomplices are under scrutiny as part of the ongoing probe.
A cybercrime expert highlighted the dual nature of the attack, combining technical infiltration with social engineering tactics. The fraudsters reportedly gained access to an employee’s digital systems, enabling them to mimic senior management and exploit trust within the organizational hierarchy. The expert emphasized the importance of verifying high-value financial requests through independent communication channels, such as direct phone calls or in-person confirmations, to mitigate risks associated with impersonation.
The case underscores vulnerabilities in corporate cybersecurity frameworks, particularly when access controls and financial protocols are not rigorously enforced. Authorities continue to interrogate the arrested suspects to identify masterminds and expand the network of individuals involved. Efforts to recover the misappropriated funds remain a priority, with investigators tracing subsequent transactions to locate additional accounts linked to the scheme.
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