NMDC Steel Limited prevented a major financial loss after its team and the bank acted quickly during a cyber fraud attempt involving a fake email from criminals posing as an American supplier. The incident happened at the company’s large integrated steel plant in Nagarnar in the Bastar district.
According to Bastar Superintendent of Police Shalabh Sinha, the fraudsters copied the official email ID of a genuine supplier based in the United States and created a long and convincing communication trail. They later shared false bank account details to make the company believe that a real vendor had requested a payment.
The finance team at NMDC Steel Limited began processing a transfer of one hundred and twenty crore rupees through a regional State Bank of India branch. The amount was meant to be sent to what appeared to be the supplier’s United States account. The bank’s foreign branch noticed suspicious patterns in the transaction and stopped the payment immediately. The bank then alerted the company before any loss could occur.
An NSL spokesperson said, “After receiving the alert from the bank, we promptly verified the request with the actual American supplier and learned that no such payment request had been made. Due to the swift action of both the bank and our internal team, the company suffered no financial loss.”
Superintendent Sinha confirmed that the money is completely safe and will be returned to the company’s account soon. He added that early findings point to an international cyber network operating from outside India. A case has been registered at the Jagdalpur Cyber Police Station and coordination with international authorities is ongoing.
A cyber security expert noted that this was a classic case of Business Email Compromise, where criminals observe email exchanges between large companies and their partners and strike at the right moment with false payment instructions. The expert said that companies should use two factor verification, digital signature communication and strict bank account verification rules to stay protected. He added that the quick response from NMDC Steel Limited and the bank shows that strong awareness can stop even large cyber attempts.
The Nagarnar plant covers around one thousand nine hundred eighty acres and is one of the country’s major integrated steel units. Built at a cost of twenty four thousand crore rupees, the plant uses coking coal from India and abroad, especially from Australia. Last year the plant produced two million tonnes of hot metal. It makes hot rolled coils, plates and sheets and operates with a zero discharge system that supports environmental safety.
This incident shows how timely coordination between companies and banks can prevent major cyber fraud attempts and protect public funds.
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