A senior accounts executive of a prominent Mumbai company has allegedly been duped of more than ₹10.40 crore after cybercriminals impersonated a top company official on WhatsApp.
Four people have been arrested in connection with the case, while investigators are searching for other members of the fraud network.
The scam remained undetected for nearly two weeks before the victim realised he had been communicating with an impersonator.
Fake WhatsApp Profile Used to Build Trust
According to the complaint, the victim works as Deputy General Manager in the company’s accounts department and has been associated with the organisation for over 31 years.
The fraud began on June 3 when he received a WhatsApp message from an unknown number.
The sender claimed to be Siddharth Jain, a senior company executive, and said the number was his private contact.
The WhatsApp profile carried the photograph of the real executive, making the message appear genuine.
Fraudster Created Urgency for Payments
The impersonator told the victim that he was busy in an important meeting and needed urgent financial transactions to be processed.
Soon after, bank account details were sent through WhatsApp with instructions to transfer more than ₹46.50 lakh from the company’s account.
Believing the request to be official, the accounts executive authorised the payment.
After the first transfer succeeded, the fraudster continued sending more payment instructions over the following days.
63 Transactions Move ₹10.40 Crore
Between June 3 and June 15, the victim executed 63 separate transactions.
A total of ₹10,40,71,924 was transferred from the company’s account into multiple beneficiary accounts controlled by the fraud network.
The fraud came to light when the accounts executive later sought invoices and supporting documents for the payments through official channels.
During that process, he discovered that the senior executive had never issued such instructions.
Delhi Mule Account Network Exposed
The investigation later expanded to Delhi after suspicious banking activity was detected.
A bank branch in South-East Delhi alerted authorities about an unusual cash withdrawal attempt of around ₹8 lakh.
Police reached the bank and detained two people who had allegedly arrived to withdraw the money.
During questioning, the suspects reportedly admitted that they had provided bank accounts to cybercriminals in exchange for commission.
Handlers Arrested as Probe Expands
Investigators believe the accounts were used as mule accounts to receive and move fraud proceeds through multiple layers.
Further investigation led to the arrest of two alleged handlers, identified as Faiz Alam and Amit.
Authorities suspect they helped coordinate fund movement and manage the network of account holders used to route stolen money.
Police are now trying to identify the mastermind and determine whether the same syndicate targeted other companies.
Expert Warns of Corporate Social Engineering
Cybercrime expert and former IPS officer Prof. Triveni Singh said such frauds are advanced forms of social engineering.
Criminals exploit corporate hierarchy, urgency and trust to bypass routine verification systems.
By pretending to be senior executives, scammers pressure employees into processing high-value transactions without proper confirmation.
Why Companies Need Strong Payment Controls
Boss impersonation scams show why businesses must enforce multi-level payment verification, call-back confirmation and strict invoice matching before releasing funds.
Accurate financial records and transaction checks can help detect unusual transfers early. Professional bookkeeping services in india can support companies with organised accounts, payment tracking and stronger financial control systems.
Shunyatax Global Insight
At Shunyatax Global, we believe cyber awareness and financial discipline must work together. Corporate fraud can be prevented when businesses combine employee training with proper documentation, approval controls and transaction monitoring.
For more updates on cybercrime, compliance, taxation and business finance, visit Shunyatax.in and stay connected with Shunyatax Global.