Flipkart co-founder Sachin Bansal’s fintech startup, Navi Technologies, was cheated out of Rs 14.26 crore last month by scammers exploiting a system bug, according to a report in The Hindu.
The Whitefield Cyber Crime Police in Bengaluru registered a case against unnamed scammers on Saturday.
According to The Hindu, the fraud concerned the company’s third-party payment gateway (TPAP), used for EMI payments and cell recharges through the Navi app. The company’s vigilance team found the fraud after spotting odd transaction patterns.
Fraudsters would first input higher amounts for services like EMI payments and cellphone recharges, and then when the payment was confirmed, they would change the quantity payable to only Rs 1. Even though the system only showed the minimal amount as successful, Navi Technologies was billed for the full amount.
As per Navi Technologies vigilance officer Srinivas Gowda, the Bengaluru-based fintech company recorded fraudulent activities between December 10–24, 2024, with several perpetrators taking advantage of vulnerabilities to defraud the company. In December 2024, scammers defrauded Navi Technologies of Rs 14.26 crore crore over two weeks by exploiting this bug.
Sachin Bansal established Navi in 2018, only a few months after leaving Flipkart. Navi provides financial products and services to customers.
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