City-based financial services company Navi Technologies Ltd., founded by Sachin Bansal after his exit from Flipkart, has alleged that miscreants posing as customers misused a bug and cheated the company of ₹14.26 crore in 14 days in December, 2024. The Whitefield Cyber Crime Police registered a case against the unidentified fraudsters on Saturday and a probe is on.
In his complaint, Srinivas Gowda, a vigilance officer at the company, said that between December 10 and 24, an option was provided for customers to make payments for mobile recharge, EMIs, and other services through the app.
However, there was a bug after a third-party application provider (TPAP) payment gateway gave an option to edit the amount payable after the process on the Navi app. Misusing this, many made payments through the app and later going to the TPAP edited the amount to ₹1, triggering a success report of the transaction, based on which Navi Technologies made the full payment selected on their app.
Through this modus operandi, the firm had been cheated of ₹14.26 crore, the complaint alleged.
The police have now sought more details of these financial transactions.
Published - January 20, 2025 12:12 am IST
