February 08, 2025 01:56 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
More voters in Maharashtra than its adult population: Rahul Gandhi alleges irregularities in voting | Fire breaks out at Maha Kumbh Mela in Prayagraj, no casualty reported | Calcutta HC rejects Bengal govt's plea seeking death penalty for RG Kar convict Sanjoy Roy | RBI cuts repo rate by 25 basis points, first in five years | Arvind Kejriwal accuses BJP of 'offering' Rs. 15 crores, ministerial posts to AAP candidates to shift sides | Donald Trump to impose sanctions on International Criminal Court for targeting Israel | Bangladeshi actor Meher Afroz Shaon arrested on charges of conspiracy against state | Video emerges showing how Indians hide in Panama jungle to enter US illegally amid deportation by Trump administration | Engaging US to ensure no Indian deportee is mistreated: Jaishankar in Rajya Sabha amid 'handcuffed' extradition row | Opposition slams Modi govt after US deports illegal Indian immigrants in captive state
The fraudsters exploited the payment gateway bug and duped Sachin Bansal's firm of crores of rupees. (Image credit: wikipedia.org)

Flipkart co-founder Sachin Bansal’s firm loses Rs 14.26 cr due to financial fraud

| @indiablooms | Jan 21, 2025, at 08:34 pm

Bengaluru: Flipkart co-founder Sachin Bansal's financial products and services startup reported a cyber fraud that caused losses amounting to Rs 14.26 crore in just 14 days during December 2024, reported The Hindu.

According to a complaint filed by Srinivas Gowda, a vigilance officer at the company, at the Whitefield Cyber Crime Police in Bengaluru, the fraud occurred between December 10 and 24.

During this period, the company had provided a payment option through its app for services like mobile recharge and EMIs.

A bug in the system emerged when a third-party application provider (TPAP) payment gateway allowed users to edit the payment amount after initiating the transaction on the Navi app.

Taking advantage of this vulnerability, fraudsters made payments through the app and subsequently edited the amount in the TPAP to just Rs 1.

This manipulation led to successful reports of transactions, prompting Navi Technologies to pay the full amount originally selected on their app.

The company stated in its complaint that this loophole was exploited, resulting in a financial loss of Rs 14.26 crore.

The Bengaluru police are investigating the case, and no further details about the perpetrators have been disclosed yet.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm