A Mumbai-based firm, Apar Industries Limited, reportedly lost Rs 2.30 crore after cybercriminals impersonated company directors on Microsoft Teams, highlighting a growing trend of sophisticated corporate scams across India.
A Mumbai company has lost Rs 2.30 crore after cyber fraudsters allegedly posed as its directors on Microsoft Teams and persuaded senior finance staff to send money to fake bank accounts, according to a complaint filed with police.
The case centres on Apar Industries Limited and a complaint lodged by Parameswaran Mahadev Ayyar, a 64-year-old senior manager in Dombivli who handles banking transactions for the firm, the Free Press Journal reported. Ayyar has worked for the company for 30 years and reports to Vinayak Krishnaji Lele, the senior vice president for finance, the paper said.
According to the FIR, the scam unfolded on July 31 when Lele was added to a Microsoft Teams group chat called “Work Group” that appeared to include company directors Chaitanya Desai and Kushal Desai. The conversation looked genuine enough to pass as an internal discussion about a business contract, after which the impersonator claiming to be Kushal Desai asked for the company’s bank balance and then instructed a transfer of Rs 23 million, or Rs 2.30 crore, to a beneficiary account later posted in the chat.
Lele then directed Ayyar to process the payment, and the money was moved through RTGS to an account in the name of MB Rubber in West Bengal held with Bandhan Bank, according to the complaint. The fraud was only discovered later during an internal review, when Arpan Shah noticed the unusually large transaction and sought clarification, prompting officials to check with Kushal Desai, who denied creating the Teams group or issuing any payment instructions.
Police were informed through the National Cyber Crime Helpline on August 3, and copies of the Teams conversations were handed over as evidence. The South Cyber Police Station has registered a case against unidentified suspects as well as the holders of the beneficiary accounts, and investigators are now trying to trace the money and identify the people behind the impersonation.
The case fits a wider pattern of so-called boss scams and impersonation frauds targeting company finance teams across India. The Times of India recently reported that fraudsters cloned WhatsApp profiles of top executives to dupe two Navi Mumbai firms out of Rs 11 crore, while the Indian Express described a Pune case in which a chief financial officer nearly sent Rs 2 crore after criminals allegedly used Microsoft Teams impersonation and deepfake tactics. Outlook Money and the Free Press Journal have also reported similar WhatsApp-based scams in Mumbai and Navi Mumbai involving losses of Rs 10.40 crore and Rs 10.70 crore respectively.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
