BUSINESSEconomic Times Industry · 3 hours agoLive
Lulu Group loses Rs 1.64 crore in email fraud: How impersonators used Italian company’s identity to cheat retail giant
Reported by Economic Times Industry, not nibnow. We are not the publisher of this story, only the source is.
WHY IT MATTERS
The fraud cost Lulu Group about Rs 1.64 crore, highlighting the financial risk that email impersonation poses to large retailers.
WHAT HAPPENED
Lulu Group email fraud: Kochi City Police have registered a case and launched an investigation into an alleged email impersonation fraud in which unidentified persons posing as representatives of an Italian company cheated Lulu Group of around Rs 1.64 crore. According to the FIR, the fraudsters sent fake invoices and bank details for gaming equipment payments, prompting the group to transfer 150,500 euros to accounts provided by them.
WHAT TO WATCH
- •Updates from Kochi City Police on the progress of the investigation
- •Any statements from Lulu Group about steps to strengthen payment verification processes
- •Potential legal actions or recovery efforts related to the transferred 150,500 euros
Text size
READ IN YOUR LENS
UPSCMarketsFounder