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News Topical, Digital Desk : Dr. Reddy's Laboratories Ltd. has suffered a major cyber fraud loss of ₹2.16 crore. According to reports, hackers spoofed the email address of a senior company official and transferred funds to a fraudulent account. The case was registered with the Bengaluru City Cyber Crime Police on November 5th.
The complaint was filed by Mahesh Babu of Group Pharmaceuticals Limited, who stated that the company was supposed to receive ₹2.16 crore from Dr. Reddy's in exchange for the supply of goods. However, on November 3rd, hackers intercepted the email communication between the two companies and sent a fake email from 'KKeshav@Grouppharma.in' instead of 'kkeshav@grouppharma.in'. This email mistaking it for a genuine email and sending it to a fake account, instructed Dr. Reddy's finance team to transfer the payment to a new Bank of Baroda account. Mistaking it for a genuine email, the team transferred ₹2.16 crore to the same fake account. When Group Pharmaceuticals later discovered the fraud, they immediately contacted the police and demanded the account be frozen and the funds be repatriated. According to the FIR, the accused are said to be from Vadodara, Gujarat. The police have registered the case under sections 66(C) and 66(D) (identity theft and fraud by impersonation) of the Information Technology Act and relevant sections of the Indian Penal Code (Indian Nyaya Sanhita). The investigation into the cyber fraud is currently underway. Loss of over ₹22000 crore last year Cyber fraud cases have increased rapidly in recent times. According to the Ministry of Home Affairs (MHA), India suffered losses of over ₹22,000 crore in online fraud cases last year. Meanwhile, cyber fraud cases worth ₹36.45 lakh have been reported on the National Cyber Crime Reporting Portal (NCRP) till February 28, 2025.
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