The 'Boss Scam': How Fraudsters Duped a Mumbai Executive of Rs 10.40 Crore
In a new variant of cyber fraud, scammers impersonate senior executives to trick employees into transferring large sums of company money. Known as the 'Boss Scam,' this technique has already cost one Mumbai-based company over Rs 10 crore.
On June 3, Girish Amin, a deputy general manager at a reputed corporate firm, received a message on his phone. The sender claimed to be his boss, Sidharth Jain, the company's executive director. The message instructed Amin to transfer Rs 46.5 lakh from company funds to a specified bank account. Amin complied.
Over the next two weeks, he received similar instructions and made 63 transfers, totaling Rs 10.40 crore. On June 16, Amin contacted Jain through official channels to request invoices for the transactions. Only then did he realize that the person he had been communicating with was an impostor.
The scam came to light when a branch manager at IDFC FIRST Bank in Delhi noticed suspicious activity. Two young men, Vikas Bind and Vansh Manocha, both 22, attempted to withdraw Rs 8 lakh in cash shortly after the amount was credited. The manager alerted police, and the duo was apprehended. They admitted to renting out their bank accounts to route illicit funds in exchange for commissions of Rs 30,000 and Rs 20,000 respectively. A third suspect, Faiyaz Alam, also 22, was arrested later.
Investigation revealed that the funds originated from Amin's company account in Mumbai. The Delhi Police contacted the Mumbai South Region Cyber Police, who reached out to Amin. The impersonator had used a display picture of Jain and a text label reading 'Siddharth Jain' above an unknown number. Amin was instructed to save the number as a 'very personal number' and not share it.
Police found a malicious .zip file on Amin's phone, which likely gave the fraudsters remote access. The scam is part of a growing trend, prompting the Indian Cyber Crime Coordination Centre (I4C) to issue an advisory on June 22, urging industries to exercise caution.
The case highlights the sophistication of cyber fraud in India. Fraudsters are increasingly using social engineering and malware to target corporate employees. The 'Boss Scam' exploits trust and hierarchy within organizations, making it a potent threat. Companies are advised to implement strict verification protocols for financial transactions and to conduct regular cybersecurity training for employees.
