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Flipkart co-founder Sachin Bansal’s startup Navi Technologies scammed of Rs 14.26 crore

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. 

By Jitendra Das
New Update
Flipkart co-founder Sachin Bansal’s startup Navi Technologies scammed of Rs 14.26 crore

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.

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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.

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