Cyber Fraud in Pune: Accountant Loses ₹1.9 Crore in Whale Phishing Scam

Pune cyber fraud: Accountant loses ₹1.9 crore in whale phishing scam.

A high-profile cyber fraud case has surfaced in Pune, where an accountant was tricked into transferring ₹1.9 crore in a whale phishing scam. The victim, working for a private firm, received an email that appeared to be from the company's senior executive. The fraudulent email, crafted with precision and authenticity, instructed the accountant to process an urgent financial transaction.

Believing the email to be genuine, the accountant followed the instructions and transferred ₹1.9 crore to an account controlled by cybercriminals. It was only after a routine financial review that the fraud was detected, prompting the company to report the incident to cyber police.

What is a Whale Phishing Scam?

A whale phishing scam is a type of sophisticated cyber fraud where attackers impersonate high-ranking executives to manipulate employees into transferring large sums of money. Unlike regular phishing scams, these attacks are highly targeted, using personalized emails, deepfake messages, and social engineering tactics to deceive victims.

How the Scam Unfolded

1. The fraudsters studied the company's hierarchy, communication style, and financial processes.

2. They forged an email resembling an authentic message from a top executive.

3. The email created urgency, pushing the accountant to act immediately.

4. Without verifying the request, the funds were transferred to the scammer's account.

5. By the time the fraud was discovered, the money had been withdrawn and laundered.

Cyber Police Investigation

The Pune Cyber Crime Cell has launched an investigation into the ₹1.9 crore cyber fraud, tracking the bank accounts and digital footprints of the criminals. Authorities believe that the attackers operated from an international network, making it a complex case of financial cybercrime.

Preventive Measures Against Whale Phishing Scams

✔ Verify financial requests from senior executives via a secondary communication channel.✔ Train employees to detect phishing emails, social engineering tactics, and suspicious financial instructions.✔ Implement multi-factor authentication (MFA) for high-value transactions.✔ Monitor company email security and use AI-driven fraud detection systems.✔ Report any suspicious activities to the cybercrime department immediately.

Rising Cyber Fraud Cases in India

This case highlights the increasing risk of cyber fraud in India, with businesses losing crores of rupees to phishing attacks, identity theft, and financial scams. Authorities urge companies and individuals to adopt strict cybersecurity protocols to prevent falling victim to such frauds