Scammers Exploit 'Man-in-the-Middle' Technique, Pune Construction Tech Firm Loses Rs 13 Lakh

Prominent Construction Technology Company falls victim to cyber attack, losing Rs 13.8 Lakh in Pune, India. The investigators described it as a "man-in-the-middle” cyber attack technique. The company's assistant manager filed the FIR at Mundhwa Police Station on Sunday, marking the commencement of the investigation. As per Ajit Lakade, Senior Police Inspector, the fraudulent scheme took place approximately a year ago when a stone-crushing machine got damaged at the firm. In response, the company's officials resorted to email correspondence with another company that supplies stone crushers. During this time, the representative of the company received an email that appeared to be legitimate, belonging to the aforementioned party. However, they were not aware that fraudulent individuals sent the email. The message requested the construction tech representative to transfer the payment to a specified account in "Lloyds Bank PLC." Obliging, the company made an online transaction of Rs 13,80,772 to the indicated bank account between May and August 2022. Unfortunately, the construction tech company never received the promised product for which the payment was made. Upon realizing they had fallen victim to fraud, the company officials promptly lodged a complaint with the Pune City Police.
"The complaint has been verified by the Cyber Police Station and forwarded to Mundhwa Police Station for further investigation," said Ajit Lakade, Senior Inspector. As per reports, the police have registered a case against unidentified individuals under sections 419, 420 and 34 of the Indian Penal Code, along with relevant sections of the Information Technology Act. Authorities are diligently examining the two email addresses used by the cyber fraudsters to communicate with the construction company officials in Pune. Simultaneously, they are also investigating the bank account into which the company transferred the money, suspecting it to be linked to cyber criminals or their associates. Explaining the method of such "man-in-the-middle" cyber attacks, the police clarified that the perpetrators gain access to email accounts belonging to either party involved in a business transaction. By intercepting communications, the hackers gather detailed information about the ongoing dealings. Subsequently, they create an email account closely resembling the genuine participant's address and mislead them into depositing the funds into an account controlled by the hackers. Prior instances of "man-in-the-middle" cyber attacks have been reported, highlighting the need for heightened vigilance and security measures. The investigation is underway as authorities work diligently to identify and apprehend the culprits behind this cyber scam, aiming to bring them to justice and prevent future occurrences of such fraudulent activities.

Read more

Get ₹5 Cr Cover at just ₹4,60,000*

Get ₹5 crore insurance cover at just ₹3 lakh/year+

Step 1/2

Get ₹5 crore insurance cover at just ₹3 lakh+

Are you buying the policy for?
Get Updates on WhatsApp
By clicking on "" you agree to our Privacy Policy and Terms Of Use

Get ₹5 crore insurance cover at just ₹3 lakh/year+

Step 2/2
Get Updates on WhatsApp
Written By: PolicyBazaar - Updated: 24 August 2023

Cyber Insurance News

Payment Gateway Company Reports Massive ₹16,180 Crore Cyber Theft
Payment Gateway Company Reports Massive ₹16,180 Crore Cyber Theft
In a startling revelation, the Thane Police have exposed a massive cyber heist, with cybercriminals pilfering an astonishing ₹16,180 crore. This...Read more
Cybercriminals Target Former Union Minister Dayanidhi Maran's Savings...
Cybercriminals Target Former Union Minister Dayanidhi Maran's Savings...
In a concerning development, cybercriminals managed to siphon off ₹99,999 from the personal savings account of Dayanidhi Maran, the former Union...Read more
Mumbai Police Nab Four Cyber Fraudsters in Extensive 22-Day Operation
Mumbai Police Nab Four Cyber Fraudsters in Extensive 22-Day Operation
In a 22-day operation spanning four states, including Uttar Pradesh, Rajasthan, Delhi and Madhya Pradesh, a Mumbai Police task force comprising seven...Read more
India Grapples with Mounting Cybersecurity Risks, According to Palo...
India Grapples with Mounting Cybersecurity Risks, According to Palo...
India is confronting a significant threat of cyberattacks aimed at its critical infrastructure, public sector, and essential services, as per a report...Read more
Pune-Based Engineering Supplies Firm Loses Over 22 Lakh in Cyber Scam
Pune-Based Engineering Supplies Firm Loses Over 22 Lakh in Cyber Scam
Pune City police uncovered a suspected 'man-in-the-middle' cyber attack that cost a Pune-based engineering supplies firm more than 24,000 Euros...Read more
Policybazaar for Business - Cyber Insurance - Customer Reviews
View all
4.5/5
Based on 47 reviews
4.5
out of 5
Based on 47 reviews
12 users
34 users
1 users
0 users
0 users
4.3 October 11, 2022
Aarti Singh
Knowledegable Team
The representatives at PolicyBazaar were knowledgeable, patient and genuinely committed to helping me find the best insurance policy for my requirements. They took the time to answer all my questions and provide valuable guidance, ensuring that I had a thorough understanding of the coverage details and terms. THANKS.
Agra
4.3 October 06, 2022
Amit
Quick And Hassle Free
After seeing a rise in cyber attacks in many of the companies, i decided to purchase a cyber insurance policy for my start up. I went on the Policy Bazaar website and learned about the coverage in detail and purchased it from their website only. It was quick and hassle-free purchase.
Nashik
4.5 October 04, 2022
Pinku
Paperless Process
We bought the contractual liability insurance from policybazaar and received the best overall package. The process was paperless as we applied for insurance online and the support was amazing.
Surat
4.5 October 03, 2022
Aashish
Extensive Coverage
We thoroughly checked all the benefits and features and decided to buy a contractual liability policy from Policybazaar. It provides all the necessary features to safeguard our business against any loss.
Ahemdabad
4.5 October 02, 2022
Nishant
Easy To Buy
It was easy to buy insurance from Policybazaar and customer support was also amazing to clear all the doubts. Contractual liability insurance is essential for my business and I could not get a better deal than this.
Udaipur
4.5 October 01, 2022
Puneet
Easy Plan Comparision
An ideal Contractual Liability Insurance policy purchased to protect our business that we ecounter in our everyday operations. Policybazaar offers a platform to compare multiple plans.
Assam
4.5 September 30, 2022
Govind
No Broker And Paper Work
Great experience at Policybazaar. We did not know that buying Contractual Liability Insurance could be that easy. Also there is no broker and paperwork.
Jharkhand
4.8 September 29, 2022
Rinku
Perfect Insurance Coverage
I purchased Contractual Liability Insurance from Policybazaar and the coverage they provided is perfect to keep my hardware business safe various unforeseen instances.
New Delhi
4.5 March 18, 2022
Ishan
Cloud Storage Cover
I wanted to purchase a cyber insurance policy could provide coverage for the data stored in cloud network. I went on the Policybazaar website and look up for plans that would provide me with this coverage. I compared different plans and in a matter of minutes i found the right cyber insurance plan that would fit my requirement.
Ajmer
4.5 March 17, 2022
Anurag
Good User Interface
I was looking for a cyber insurance policy online. After looking for the insurance plan online I landed on the Policybazaar website. Trust me, the user interface of the website is so good that i was able to locate the cyber insurance plan and purchase it in not more than 10 minutes. Thanks Policybazaar.
Delhi