Cyber Heist Foiled: Swift Action Saves Rs 2.16 Crore

Bengaluru police investigate a cyber fraud where hackers redirected Rs 2.16 crore from Group Pharmaceuticals to a fraudulent account. Thanks to quick action by Dr Reddy’s Laboratories, the funds were frozen, averting financial loss. The fraudulent account was traced to Vadodara, and the investigation continues.

The Bengaluru police have launched an investigation into a major cyber fraud case. Hackers reportedly infiltrated email communications between Group Pharmaceuticals and Dr Reddy's Laboratories, successfully diverting a Rs 2.16 crore payment to a fake account.

Dr Reddy's Laboratories has, however, clarified that due to the prompt response of their teams and banking partners, the funds have been frozen, preventing any financial loss. An FIR has been filed by Mahesh Babu K of Group Pharmaceuticals, detailing the expectation of a payment for goods supplied, which was intercepted by the fraudsters.

The hackers allegedly gained unauthorized access to email communications, impersonated officials of Group Pharmaceuticals, and provided false bank account information. Although the funds were transferred to the illegitimate account, investigators have traced the account to Vadodara in Gujarat, and police have successfully frozen it. The investigation is ongoing.

(With inputs from agencies.)