Quick Overview
Navi Technologies, a fintech startup co-founded by Sachin Bansal, was defrauded of ₹14.26 crore by scammers who exploited a bug in their payment system. The incident, which took place over a two-week period in December, has prompted an investigation by the Whitefield Cyber Crime Police in Bengaluru.
Key Points
- Nature of the Fraud: Scammers posed as customers, manipulating a vulnerability in the payment processing system to siphon off funds.
- Bug Exploitation: A flaw in the third-party payment gateway allowed users to edit payment amounts after initiating transactions.
- Investigation Launched: The police are currently investigating the case against unidentified fraudsters.
- Navi Technologies Background: Founded in 2018 by Sachin Bansal, the startup emphasizes a strict work-from-office policy.
- Bansal’s Work Ethic: The co-founder is known for his intense work schedule, dedicating 80 to 100 hours a week to the startup.
