A private automobile company in Maharashtra’s Kolhapur district has allegedly been cheated of ₹80.50 lakh after cybercriminals impersonated the company’s Chief Executive Officer on WhatsApp.
According to police, the fraudsters used the CEO’s name and display picture to send urgent payment instructions to the company’s accounts manager, leading to two RTGS transfers into separate bank accounts.
Fake WhatsApp Account Created in CEO’s Name
The complainant, Prashant Ravindra Patil, works as an Accounts Manager at the company.
Investigators said unknown cybercriminals created a WhatsApp account using a mobile number, the CEO’s name and the CEO’s profile image.
The messages appeared to come from the senior executive and instructed the accounts manager to make urgent business-related payments.
₹80.50 Lakh Transferred Through RTGS
Believing the messages were genuine, the accounts manager transferred:
- ₹32 lakh to a bank account in Gujarat
- ₹48.50 lakh to another account in Saharanpur, Uttar Pradesh
Both transfers were made through RTGS.
The fraud came to light only after the instructions were later verified and found to be unauthorised.
Police Move to Freeze Recipient Accounts
After the company filed a complaint, police registered a cyber fraud case against unidentified accused persons.
Investigators are examining:
- Bank transaction records
- Recipient account details
- Mobile number used in the scam
- WhatsApp communication evidence
- Technical digital trail
Police have also initiated steps to freeze the recipient bank accounts to prevent further withdrawal of funds.
CEO Impersonation Scams Target Internal Trust
Cybersecurity experts say such scams exploit workplace hierarchy and urgency.
Fraudsters often use senior executives’ profile photos, names and communication style to pressure employees into bypassing normal approval procedures.
No high-value payment should be authorised only through WhatsApp, email or any single digital message.
Strong reconciliation systems and bookkeeping services in india can help companies track payments, detect unusual transfers and strengthen internal financial controls.
Conclusion
The Kolhapur case shows how one fake WhatsApp message can trigger a major corporate loss when payment verification controls are weak.
Businesses should mandate call-back verification, dual approval, authorised payment channels and written confirmation before processing any high-value transaction.
Shunyatax Global Insight
Executive impersonation fraud succeeds when urgency overrides process. A display picture or familiar name should never replace formal payment approval.
Shunyatax Global believes businesses must enforce maker-checker controls, verified call-back procedures, payment approval matrices and professional bookkeeping services in india to reduce the risk of unauthorised transfers and corporate payment fraud.