A Pune-based auto parts company has lost ₹2.35 crore in a cyber fraud known as a “man in the middle” attack during an international business transaction. The fraud happened while the company was purchasing a press bending machine worth €320000, which is around ₹3.1 crore, from a manufacturer in Italy.
As per the FIR, the Indian company had already paid around ₹75 lakh in April and May as an advance, which was 25 percent of the total cost. Just a few days before the final payment was due, the company received an email saying that the Italian firm’s usual bank account was not available temporarily. The email included new bank account details. However, the message came from a fake email ID that looked very similar to the real one.
Believing the email to be genuine, the Pune firm transferred ₹2.35 crore in two separate transactions in early June to the new account. Later, when they sent proof of payment to the original sales contact in Italy, they were told that the Italian company had not received any payment. That is when the company realized they had been cheated.
The director of the company then filed a complaint with the cybercrime police in Pune. Senior Inspector Swapnali Shinde confirmed that the matter is now under investigation. The police are currently checking the email history and tracing the flow of money to find the people behind the fraud.
Experts in cybercrime have warned that these types of frauds are becoming common. In such attacks, fraudsters use fake email addresses to trick companies and change payment details. They recommend that businesses train employees, double-check any changes in bank details, confirm such changes over the phone with known contacts, and regularly review their email security settings.
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