This incident was revealed after Paytm’s Vijay Shekhar Sharma shared a chat with a scammer who impersonated him to steal sensitive financial information.
A police report indicated that a fake WhatsApp message, which pretended to be from the managing director of a farmers producer company in Navi Mumbai, led an employee in the accounts department to transfer Rs 75 lakh to cyber fraudsters. This online fraud, involving deception and impersonation, reportedly took place between May 18 and 19. Recently, Vijay Shekhar Sharma, the founder and CEO of Paytm, shared a lighthearted story on X about an encounter with a scammer. The scammer impersonated him in an attempt to steal sensitive financial information from the company. Unfortunately, an employee from the Navi Mumbai firm fell victim to this scheme instead.
A senior officer from the Cyber Police Station in Navi Mumbai stated that, following a complaint from the company, they registered an FIR on May 21. The FIR included charges under sections 316(2) (criminal breach of trust), 318(4) (cheating), and 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita (BNS), along with relevant provisions of the Information Technology Act against unidentified individuals.
How this scam happened
According to reports, a 30-year-old employee from the accounts department received a WhatsApp message on May 18, allegedly from the firm’s managing director, instructing him to urgently transfer Rs 75 lakh to a specified bank account. The officer explained that the employee, believing the instructions to be genuine and urgent, complied without further verification and transferred the entire amount. It was only later that he discovered the message was a fraudulent attempt.
The police mentioned they have traced the mobile phone number used in the crime, as well as the bank account to which the funds were transferred. The officer noted that their team is currently working on tracing the digital footprints and identifying the suspects.
In light of the incident, the Navi Mumbai police issued a new advisory urging companies and employees to verify high-value financial requests received via messaging platforms, even if they appear to originate from senior management. The officer emphasized that this case reflects a serious instance of cyber impersonation and financial fraud, and they are actively pursuing leads based on electronic evidence and the details of the bank transactions.
Paytm CEO post on X
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