Bengaluru fintech firm reports ₹31.43-crore cyber fraud involving 301 unauthorised transactions
According to the complaint, the company received an alert from its bank on November 4 about suspicious transactions amounting to ₹8.47 crore in the bank account of one of its customers.
An internal investigation revealed that 301 unauthorised debit transactions, totalling ₹31.43 crore, had been carried out from the company’s escrow account.
A Bengaluru-based fintech company has reported a suspected cyber fraud involving unauthorised transactions worth ₹31.43 crore from its escrow account, prompting the Whitefield Cyber crime, Economic offences, and Narcotics (CEN) police to register a case.
The company operates a digital financial services platform through which it provides various financial and banking services operating from Varthur, Whitefield.
According to the complaint, the company received an alert from its bank on November 4 about suspicious transactions amounting to ₹8.47 crore in the bank account of one of its customers. A subsequent internal investigation on November 5 revealed that 301 unauthorised debit transactions, totalling ₹31,43,61,635, had been carried out from the company’s escrow account maintained with a private bank.
Of this amount, ₹68.48 lakh was subsequently credited back to the account. The funds were transferred to 127 beneficiary bank accounts, the complaint said.
The following day, the company detected 301 unauthorised debit transactions in its escrow account maintained with the bank.
Based on the complaint, the Whitefield CEN police registered Crime No. 595/2026 under Sections 66(C) and 66(D) of the Information Technology Act, 2000, along with Sections 318(4) and 319(2) of the Bharatiya Nyaya Sanhita, 2023.
The police have launched an investigation to identify those behind the unauthorised transactions, trace the 127 beneficiary accounts, and recover the siphoned-off money.
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