Goa Police arrested two men from Pune within 48 hours of registering a cyber fraud case, involving the impersonation of a company chief executive officer on WhatsApp and the fraudulent transfer of ₹2 crore through RTGS.
How the ₹2 Crore Fraud Happened
The Cybercrime Police Station at Ribandar registered an FIR after the accused allegedly used the company CEO's name and profile photograph on WhatsApp. This impersonation was allegedly used to convince the company's accountant that the payment request was genuine. Acting on the WhatsApp communication, the accountant was induced to transfer ₹2 crore to multiple bank accounts.
This case highlights a form of corporate impersonation fraud, in which criminals pose as senior executives and approach employees who have access to company finances.
How the CEO Was Allegedly Impersonated
According to police, the accused allegedly used the CEO's name and profile photograph on WhatsApp. Such an approach can make a message appear to have come directly from a senior official, particularly when the recipient recognises the name and photograph displayed on the account. In this case, the communication allegedly resulted in the company accountant transferring a substantial amount through RTGS, without questioning the source further.
Who Was Arrested
Police traced the beneficiary accounts and money trail during the investigation, and immediately sent a team to Pune. Two men, identified as Deepak Maske and Shyam Kasar, both from Pune, were apprehended at Pune International Airport in Lohegaon.
The arrests were made within 48 hours of the cyber fraud case being registered, a remarkably swift turnaround for this kind of case. The accused were subsequently brought to Goa and produced before a court.
Where the Fraud Money Went
Police said the ₹2 crore was transferred to multiple bank accounts after the accountant received the fraudulent WhatsApp request. Investigators traced these bookkeeping services in India-style beneficiary account records and followed the money trail as part of the investigation, systematically reconstructing where the funds moved once they left the company's account.
Further investigation is underway to establish the complete movement of the money and identify other people who may have been involved in this cyber fraud network.
Why CEO Impersonation Fraud Is So Dangerous
This case demonstrates how a fraudster can attempt to exploit trust inside a company, without needing to impersonate an unknown person at all. By allegedly using the CEO's name and profile photograph, the accused made the request appear connected to someone with genuine authority over financial decisions.
For employees handling company money, a message that appears to come from a senior executive can create real pressure to act quickly. A familiar name or WhatsApp profile photograph, however, does not by itself establish that the person sending the message is actually genuine. The ₹2 crore transfer in this case shows the potential financial consequences when a large payment request received through a messaging platform is acted upon without independent verification.
How Businesses Can Avoid Fake CEO Payment Frauds
Goa Police advised businesses and the public to verify requests for large financial transactions received through WhatsApp, email, or other digital platforms. A payment instruction that appears to come from a CEO or another senior official should be independently confirmed before money is transferred, particularly when a large amount is involved. Employees should not rely only on the sender's displayed name, photograph, or message.
Suspected cyber fraud should be reported immediately to police or through the National Cyber Crime Reporting Portal. This case provides a clear warning for companies handling high-value transactions: verify the person giving the instruction before moving the money.
FAQs
Q1. How did the fraudsters trick the company accountant into transferring money?
The accused allegedly used the CEO's name and profile photograph on WhatsApp to make a payment request appear genuine, convincing the accountant to transfer ₹2 crore through RTGS.
Q2. How quickly were the accused arrested after the case was registered?
Goa Police arrested the two accused, Deepak Maske and Shyam Kasar, within 48 hours of the cyber fraud FIR being registered, apprehending them at Pune International Airport.
Q3. What should businesses do to prevent similar CEO impersonation frauds?
Businesses should independently verify any large payment instructions received through WhatsApp, email, or other digital platforms, rather than relying solely on a sender's displayed name or photograph.