Bengaluru, January 22: Flipkart co-founder Sachin Bansal’s new fintech company Navi Technologies was allegedly cheated of INR 14.26 crores. The alleged fraud allegedly took 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 customers abused a bug and cheated his fintech startup.
The fraudsters cheated the company for over INR 14 crores in 14 days in December 2024. According to a report by The HinduWhitefield Cyber Crime Police in Bengaluru filed a case against the unidentified fraudsters on Saturday, January 18. As per the complaint filed by Company Vigilance Officer Srinivas Gowda, Navi Technologies offered customers the facility to make payments for mobile recharge, EMI, and other services through the app between 10 and December 24. Binny Bansal resigns from Flipkart: Co-founder officially leaves board months after selling his remaining stakes.
Gowda said there was a bug as a third-party application provider’s payment gateway (TPAP) gave customers the option to change the amount to be paid after the process on the Navi app. Gowda said fraudsters posing as customers abused the bug and made payments through the app. After payment, the fraudsters went to TPAP and changed the amount to INR 1, thereby triggering a transaction success report.
Based on the transaction report, Bansal’s Navi Technologies made the full payment selected by the customers on their app. Through the payment gateway fraud, the fraudsters cheated the fintech form of INR 14.26 crore. Meanwhile, police have launched an investigation and sought more details about the financial transactions involved in the alleged fraud. “RBI lifts restrictions on Sachin Bansal’s Navi Finserv”.
What is Navi Technologies?
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 application where it provides financial services. products and services to customers.
(The above story first appeared on LatestLY on Jan 22, 2025 06:02 PM IST. For more news and updates on politics, world, sports, entertainment & lifestyle , log in to our website. lately.com).