Manipal Technologies Limited lured into sending Rs 1.04 crore to the account of cyber fraudsters

Udupi: Manipal Technologies Limited (MTL) reportedly lost over Rs 1.04 crore after being deceived through a fake email purportedly sent in the name of its business partner, Equiflex Private limited.

According to the complaint filed at Udupi Cyber Crime Police Station, MTL had entered into a lease agreement with Equiflex Pvt. Ltd. for the use of its machinery.

The company had been making quarterly lease payments directly to Equiflex’s bank account and had already cleared four installments.

The fifth installment, amounting to Rs 1,04,16,229, was due in October. On October 11, MTL received an email reminder asking it to make the payment by October 15.

But two days later, on October 13, another email was received from what appeared to be Equiflex’s official address, informing the company that the payment should be transferred to a new account.

Without suspecting anything amiss, MTL transferred the amount on October 15. The fraud came to light when Equiflex Pvt. Ltd informed that they had not received any payment from them on October 29.

Upon verification, it was found that fraudsters had created a fake email ID resembling Equiflex’s and had tricked MTL into transferring the amount to their account.

MTL lodged a complaint with the Udupi Cyber Crime Police Station. Police have initiated an investigation to trace the culprits and recover the amount.

Police once again urged companies and individuals to verify all bank account changes through official communication channels before transferring large sums online.