Flipkart co-founder Sachin Bansal's Navi Technologies was defrauded of Rs 14.26 crore by scamsters. Scammers posed as customers and misused a bug and cheated the company of Rs 14.26 crore in 14 days in December, 2024, reported The Hindu.

The Whitefield Cyber Crime Police registered a case against the unidentified fraudsters on Saturday and an investigation is on. 

Scamsters exploited a a system vulnerability and used a third-party payment gateway (TPAP) to manipulate transactions, marking payments as successful for Rs 1 while charging the company full amount.

The company said the fraud involved the company’s TPAP, which was used to process transactions for services such as mobile recharges and EMI payments via Navi’s app.

Navi, which runs its primary business through Navi Finserv, offers personal and home loans. In October, the Reserve Bank of India (RBI) had imposed restrictions on the firm, citing concerns over excessive interest rates on loans.