Hyderabad: Megha Engineering and Infrastructure Limited (MEIL) was defrauded of Rs 5.47 crore by cybercriminals who did the job by changing a single letter in the company's email address. The company’s Accounts Manager, Dumpala Srihari, has lodged a complaint with the Telangana Cyber Security Bureau (TGCSB) regarding the fraud.
How the scam unfolded
Back on May 10, 2022, MEIL had placed a purchase order worth €14.39 lakh with a Dutch company for essential equipment. Another order worth €7.95 lakh was placed on May 17. As per the agreement, the payments were made online, with confirmation emails received from the company representative each time. However, on November 29, 2024, MEIL received an email, allegedly from the Dutch company, stating that the company's existing bank account had been restricted due to a court order. The email directed the company to transfer future payments to a new account. Unbeknownst to MEIL, cybercriminals had sent a fraudulent email that closely resembled the legitimate company's email ID, differing by just one letter. They provided a fake bank account number in the message.
Fraudulent Transfers
1. On January 24, 2025, MEIL transferred €3.18 lakh from its Union Bank of India (UBI) Raj Bhavan branch account to the fraudulent account.
2. On January 29, 2025, another €2.89 lakh was transferred.
3. Following the transactions, a confirmation email arrived on January 27, reinforcing the legitimacy of the scam. However, suspicions arose when MEIL later received an email from the actual Dutch company, inquiring about the payments. Upon reviewing the details, the company realized they had been duped by cybercriminals. The total embezzled amount, converted into Indian currency, stands at Rs 5.47 crore. A formal complaint has been registered with TGCSB, and an investigation is underway to track the perpetrators and recover the funds.
