According to officials, the incident began on June 3 when a deputy general manager working in the company’s accounts division received a WhatsApp message from an unknown number. The sender falsely identified himself as the company’s executive director and instructed the employee to save the number as a personal contact and not disclose it to anyone.
The fraudster used a display picture of the executive director, which further convinced the employee of the sender’s authenticity. The impersonator also claimed to be in an urgent meeting and instructed the employee not to make calls, reinforcing the deception. He then provided bank account details and directed the transfer of company funds.
Acting under these false instructions, the employee processed an initial transaction of ₹46.5 lakh. Over the following days, between June 3 and June 15, the employee continued to execute payments as directed, ultimately transferring a total of ₹10,40,71,924 through 63 separate transactions to multiple bank accounts.
The fraud came to light when the employee later contacted the executive director through official communication channels to request invoices for accounting verification. The executive director denied issuing any such instructions, revealing that the company had been defrauded. A formal complaint was subsequently lodged with the police.
Following the complaint, the Mumbai Police initiated an investigation, which was later assisted by intelligence inputs received by the Delhi Police regarding the beneficiary bank accounts. Officers from the South-East district of Delhi acted on information provided by the Jasola branch of IDFC FIRST Bank, which reported suspicious withdrawal activity involving two individuals attempting to withdraw ₹8 lakh in cash.
Police apprehended the two suspects, identified as Vikas and Vansh, at the bank. During interrogation, both admitted that they had lent their bank accounts for routing fraudulent funds in exchange for commissions of ₹30,000 and ₹20,000 respectively.
Further investigation led authorities to two additional accused, identified as Faiyaz Alam and Amit. Faiyaz Alam disclosed that another individual had promised him a two percent commission for facilitating bank accounts used in the transfer of illicit funds.
Under Operation CyHawk, Delhi Police had already directed banks to report unusual transactions and suspicious withdrawals. This proactive monitoring enabled law enforcement to intercept the accused during the attempted cash withdrawal, accelerating arrests in the case.
While four individuals have been arrested, authorities continue to search for the mastermind behind the cyber fraud network. Investigators are also tracking the destination of the diverted funds and examining whether a larger organized cybercrime syndicate is operating behind similar schemes.
The case underscores the growing threat of impersonation-based cyber frauds targeting corporate financial systems and highlights vulnerabilities in internal verification processes within organizations.
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