Lulu Group loses Rs 1.64 crore to fake email impersonating client
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A fake email ID impersonating one of Lulu Group’s clients allegedly siphoned off Rs 1.64 crore by sending fraudulent invoices and bank account details for payment of outstanding dues for gaming equipment purchased, prompting Kochi City Police to launch an investigation into the suspected fraud.
The Cyber Crime Police Station registered a First Information Report (FIR) on Friday, October 23, following a complaint lodged by Deepak Sreedhar Nair, legal manager of Lulu Group, officials said on Saturday.
According to the FIR, the fraud allegedly took place between September 2 and 29, when unidentified persons created email addresses resembling those of IE Park SRL, an Italian company that has maintained a longstanding business relationship with the retail conglomerate.
Posing as representatives of the Italian firm, the accused allegedly contacted Lulu Group through the fraudulent email addresses and forwarded invoices, along with bank account details, requesting payment of outstanding dues for gaming equipment purchased.
Believing the communications to be genuine, Lulu Group transferred 150,500 euros, equivalent to approximately Rs 1.64 crore, to the bank accounts specified by the fraudsters, the FIR stated.
Police have registered the case under relevant provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act, and efforts are underway to identify those responsible.
Headed by M A Yusuff Ali, Lulu Group has a significant international presence, particularly in the Middle East, and operates across several Indian states. The group has yet to issue a statement on the incident.