Navi Technologies Ltd., a financial services company founded by Sachin Bansal after his exit from Flipkart, has fallen victim to a fraudulent scheme that resulted in a loss of ₹14.26 crore. The company has reported that the fraudsters exploited a bug in the payment system of its app, which allowed them to bypass the normal payment process. The Whitefield Cyber Crime Police have registered a case, and an investigation is currently underway.
Details of the Fraud
The incident took place between December 10 and December 24, 2024. During this period, Navi Technologies offered its customers the option to pay for mobile recharges, EMIs, and other services through its app. However, a bug in the payment gateway, provided by a third-party application provider (TPAP), allowed users to edit the amount they needed to pay after initiating the transaction.
Fraudsters took advantage of this loophole by entering a higher payment amount on the Navi app. Once the payment was processed, they edited the amount on the TPAP to ₹1. This triggered a successful transaction on Navi’s app, and the company unknowingly processed the full payment amount as per the app’s report.
The Scale of the Fraud
Through this method, the fraudsters successfully tricked the company into processing payments far exceeding what was actually due. Navi Technologies alleges that a total of ₹14.26 crore was stolen over the course of 14 days.
Investigation and Response
Upon discovering the fraud, the company filed a complaint with the Whitefield Cyber Crime Police. In response, the police have initiated an investigation into the matter. They are currently gathering further details about the financial transactions and the individuals behind the fraud.
This incident highlights the vulnerabilities that can exist in financial technologies and apps, even when they are designed to be secure. As the investigation continues, Navi Technologies is likely to take additional measures to prevent similar incidents in the future.
