Manipal Technologies Ltd Falls Victim to Online Fraud, Loses Rs 1.04 Crore
Udupi: Manipal Technologies Limited (MTL) has been defrauded of Rs 1.04 crore in a sophisticated online scam, prompting the registration of a case with the Udupi Cyber Economic and Narcotics (CEN) Police Station.
The incident came to light following a lease agreement between MTL and Equiflex Private Limited for the utilization of specific machinery. The terms of the agreement stipulated that MTL would remit lease payments to Equiflex’s designated bank account on a quarterly basis. Prior to the fraudulent incident, MTL had successfully executed four such payments.
On October 11, MTL received an email pertaining to the fifth installment, which amounted to Rs 1,04,16,229. The email instructed MTL to remit the payment by October 15. Subsequently, on October 13, MTL received a second email, purportedly from Equiflex, notifying them of a change in the company’s banking details. This email directed MTL to deposit the aforementioned sum into a new, specified account. Under the assumption that the communication was legitimate, MTL complied and transferred Rs 1,04,16,229 to the provided account on October 15.
The discrepancy was discovered on October 29, when Equiflex Private Limited notified MTL that the fifth installment payment had not been received. This revelation exposed the elaborate scheme orchestrated by the fraudsters, who had created a spurious email address closely resembling that of Equiflex, enabling them to deceive MTL and divert the funds.
The Udupi Cyber Economic and Narcotics Police have initiated a comprehensive investigation into this large-scale online fraud, with the aim of identifying and apprehending the perpetrators and recovering the misappropriated funds. The case underscores the increasing sophistication of online fraud tactics and the critical need for enhanced vigilance and verification procedures in financial transactions.