Financial Fraud: How More than Rs 6 Crore was siphoned off into 141 bank accounts and e-wallets through Payments Gateway

During preliminary investigations, it was revealed that Rs 10 lakh of the embezzled amount was deposited in the ICICI bank account of Udaanpe Infoserve, a telecommunication company in Sector 65, Gurugram.

Financial fraud: How over Rs 6 crore was siphoned into 141 bank accounts and e-wallets using Razorpay Gateway. Image source: CanvaPro

A businessman from Anand Vihar was arrested last week in connection with a cybercrime case in which Rs 6.1 crore was illegally withdrawn from the account of a software development company. According to authorities, the transferred funds were spread across 141 bank accounts and e-wallets, using a VPN service to bypass IP detection. Harmeet Singh Malik, allegedly the mastermind behind the operation, was earlier arrested by immigration officials at Mumbai airport when he tried to leave for Dubai. Six suspects have been arrested so far.

In December, Kushal Singh, director of Witzeal Technologies Pvt Ltd, filed a complaint alleging that Rs 6.14 crore was fraudulently transferred from the company’s account between December 6 and 19, 2023. Singh revealed, “Ours is a software development company that is also into online gaming. We transact through Razorpay platform. No SMS alert or email has been received when the amount has been debited from the company. bank account‘, TOI reported. Subsequently, an FIR was filed on January 17 under Sections 419 (cheating by personation) and 420 (cheating and dishonestly inducing delivery of property) of the IPC.

According to a TOI report, in a similar event in 2022, fraudsters carried out fraudulent transactions on the Razorpay platform, abusing the authorization process and leading to the embezzlement of Rs 7.38 crore from customers. Earlier this year, perpetrators infiltrated a businessman’s Razorpay account, resulting in the theft of Rs 22.89 lakhs.