/viestories/media/media_files/2025/01/20/XJaW3jompZ5m55PCCJEy.png)
Navi Technologies Ltd., a financial services company founded by Sachin Bansal after leaving Flipkart, has reported that fraudsters posing as customers used a bug to steal Rs 14.26 crore in 14 days in December 2024.
The Whitefield Cyber Crime Police filed a case against the unknown criminals and an investigation is underway.
Read also - D2C brand KisanKonnect Raises $4.5 Mn Funding Led By Mistry Ventures
According to the complaint by Srinivas Gowda, a vigilance officer at Navi, from December 10 to 24, customers were allowed to pay for mobile recharges, EMIs, and other services through the app. However, a bug in the payment system, caused by a third-party payment gateway, allowed users to edit the payment amount after the process was completed on the Navi app.
Fraudsters took advantage of this by making a payment through the app and then changing the amount to ₹1 on the payment gateway, triggering a success report.
As a result, Navi Technologies made full payments based on the amount shown on their app and this method led to a total loss of ₹14.26 crore.
The police are now gathering more details about these transactions.
Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:
Startup Funding and Stories: Discover Funding Trends and Stories Shaping Indian Startups.
Startup Funding News: Your Gateway to Every Funding Update.
Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.
Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.