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Time of India

Pune engineering firm loses Rs2.35 crore to man-in-the-middle fraud

Pune: Cybercrooks cheated an engineering solutions company at Dhayari of Rs2.35 crore in a man-in-the-middle fraud on June 10. This is a type of online fraud in which the perpetrator positions himself in a digital conversation between two users either to eavesdrop or to impersonate one of the parties, making it appear like a normal exchange of information. The director of the company lodged a complaint in this regard. Senior inspector Swapnali Shinde of cyber police told TOI, "The company has a tie-up with an Italy-based company and wanted to purchase a press bending machine to manufacture automobile parts." You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune "In Feb this year, the company in Dhayari, which manufactures automobile spares and engineering products, decided to place an order with the Italian company and communicated their requirement through emails. The Italian company promised to manufacture the press bending machine of the specific requirement of the Dhayari company and to ship to Pune," Shinde said. "The Italian company then sent a payment schedule to Dhayari-based company," Shinde said. "On June 10, the company received an email, which appeared to be from the Italian company, though bank account number mentioned in it was different. Without verifying and cross-checking with Italian company officials, the Pune firm's accounts department transferred 240,000 Euros (Rs2.35 crore) for the machine," Shinde said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Knee pain prices might surprise you Knee pain | search ads Find Now Undo "After transferring the money, officials of the Dhayari-based company contacted the Italian company to inform them about the payment. However, the Italian company officials denied receiving the payment. The company officials then checked their accounts and realised that the payment was made to some other account," she said.