The Hindu said that scammers took advantage of a system flaw to defraud Navi Technologies, a financial startup founded by Flipkart co-founder Sachin Bansal, of Rs 14.26 crore last month.
The fraud allegedly involved the company’s third-party payment gateway (TPAP), which is utilized for phone recharges and EMI payments via the Navi app, according to The Hindu. After seeing strange transaction patterns, the company’s vigilance team discovered the scam.
In what way did scammers defraud Navi Technologies of Rs 14.26 crore? How was the scam carried out?
For services like EMI payments and mobile recharges, scammers would initially enter larger sums, and after the payment was verified, they would reduce the amount owed to just Rs 1. Navi Technologies was billed for the entire amount even though the system only indicated the minimal amount as successful.
Srinivas Gowda, the vigilance officer at Navi Technologies, claims that the Bengaluru-based fintech company documented fraudulent activity between December 10–24, 2024, with many criminals exploiting weaknesses to defraud the business. Scammers used this flaw to defraud Navi Technologies of Rs 14.26 crore crore over the course of two weeks in December 2024.
In 2018, just a few months after leaving Flipkart, Sachin Bansal founded Navi. Navi offers its clients financial services and goods.
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