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