Bengaluru, January 22: Flipkart co-founder Sachin Bansal’s new fintech company Navi Technologies, was allegedly duped of INR 14.26 crore. The alleged fraud is said to have taken place last month when Bansal-led Navi Technologies fell prey to “payment gateway fraud”. The incident came to light after Sachin Bansal alleged that miscreants posing as customer misused a bug and cheated his fintech startup.
The fraudsters duped the company of over INR 14 crore in a span of 14 days in December 2024. According to a report in The Hindu, Bengaluru’s Whitefield Cyber Crime Police have registered a case against the unidentified fraudsters on Saturday, January 18. As per the complaint filed by Srinivas Gowda, vigilance officer of the company, Navi Technologies provided customers an option to make payments for mobile recharge, EMIs, and other services through the app between December 10 and 24. Binny Bansal Resigns From Flipkart: Co-Founder Officially Exits Board Months After Selling His Remaining Stakes.
Gowda said that there was a bug as a third-party application provider (TPAP) payment gateway gave customers the option to edit the amount payable after the process on the Navi app. Gowda said that fraudsters who posed as customers misused the bug and made payments through the app. After the payment, the fraudsters went to TPAP and edited the amount to INR 1, thereby triggering a success report of the transaction.
Based on the transaction report, Bansal’s Navi Technologies made the full payment that customers selected on their app. Through the payment gateway fraud, the fraudsters duped the fintech form of INR 14.26 crore. Meanwhile, the police have launched a probe and sought more details of the financial transactions involved in the alleged fraud. RBI Lifts Restrictions on Sachin Bansal’s Navi Finserv.
What Is Navi Technologies?
A financial services company, Navi Technologies was founded by Sachin Bansal and Ankit Agarwal in 2018. While the fintech startup operates in the space of digital Loans, home loans, mutual funds, UPI, etc. Navi also has a digital app where it provides financial products and services to customers.
(The above story first appeared on Today News 24 on Jan 22, 2025 06:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
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