Hyderabad CFO Duped of ₹2 Crore in WhatsApp Scam; Police Warn of Rising Digital Frauds

Quick Summary

• Incident: A CFO of a Hyderabad-based automobile firm was tricked into transferring rs 1.94 crore after receiving WhatsApp messages from someone impersonating the company’s MD using his photo as the display picture.
• arrests and Recovery: Hyderabad Cyber Crime police arrested two suspects, Ajay Sahu (20) from Madhya Pradesh and Vaishna (26) from uttar Pradesh. Police have recovered Rs 99 lakh, including Rs 84 lakh returned too the company’s account, with Rs 15 lakh frozen in related bank accounts.
• Modus Operandi: The accused created fake profiles using images of MDs/CEOs sourced online and targeted employees under the pretenses of urgent financial needs for projects.
• Scale of Scam: Funds were routed through over 60 bank accounts; investigations revealed a broader network where current accounts were sold for commission by perpetrators.
• Police Advisory: Authorities advised verifying any monetary request-even those appearing to come from trusted contacts-via voice calls or in-person confirmation. Victims are urged to report fraud on helpline number 1930 or via www.cybercrime.gov.in.

Indian Opinion Analysis

The incident highlights vulnerabilities within corporate systems when relying heavily on digital communication while dealing with financial transactions. The use of deep-fake identities and impersonation tactics demonstrates how malicious actors exploit technology gaps and human trust, resulting in economic losses that impact businesses directly.

Even though swift action by authorities led to partial recovery, such cases underline the importance of cybersecurity awareness at all levels within organizations, especially among high-ranking executives managing sensitive data or transactions. Policymakers may need to further consider strengthening penalties under cybercrime laws while encouraging firms to adopt robust verification protocols and tools.

This case also points toward an evolving threat landscape in India where organized cybercrime networks are diversifying their methods. As digital adoption grows nationwide across sectors-from startups to conventional industries-the risks associated with inadequate preventive measures can become increasingly pervasive if left unchecked.

Read More: Economic Times article