Rs 2 crore gone in a click: Chennai businessman falls prey to email scam

A Chennai-based businessman nearly lost Rs 2 crore after falling victim to a sophisticated cyber scam. Fraudsters sent a spoofed email to Agrigo Trading Private Limited, tricking the company into transferring the large sum to a fake account, according to a report by The Times of India

The fraudsters manages to breach the legitimate business communications, sending a fraudulent email that appeared to be from the company’s supplier. The email, from the address kunal1113@gmail.com, continued an existing email thread, making it seem genuine. It included a pro-forma invoice for a payment of $ 2,38,500 (about Rs 2 crore) and detailed bank account information for the supposed transfer.

Believing it to be legitimate, the company's general manager transferred the amount via NEFT from their State Bank of India (SBI) account in Chennai to the specified Regions Bank account in the US on 26 September.

The scam was uncovered when the businessman followed up with the real supplier the next day, 27 September, only to realise the email was fake and the payment had been sent to fraudsters.

Realising they had been scammed, the company immediately filed a complaint on the National Cyber Crime Reporting Portal. A case was quickly registered by the State Cyber Crime Investigation Centre under sections of the IT Act 2000 and BNS 2023.

Cybercrime team takes quick action
The cybercrime team moved fast, coordinating with the State Bank of India and the Regions Bank in the US. With support from the Ministry of Home Affairs and I4C (Indian Cyber Crime Coordination Centre), they traced the fraudulent transaction. Thanks to their swift efforts, the entire Rs 2 crore was successfully recovered and returned to the company’s account.

This case underscores the growing risk of cybercrime, both in personal and business transactions. Scammers often use email spoofing to impersonate legitimate contacts, making it easy for businesses to fall prey. 

What to do in case you have been scammed? 
If you ever suspect that you are a victim of such scams, report it immediately by dialling Cyber Crime Toll-free Helpline No ‘1930’ or file a complaint at ‘www.cybercrime.gov.in’. In this case, the businessman was fortunate enough to get his money back, but many others may not be so lucky. Always verify the authenticity of emails, especially if large sums are involved.