Cyber Fraud Hits Dr. Reddy’s Labs
In a corporate cyber fraud, Dr. Reddy’s Laboratories Limited reportedly lost ₹2.16 crore after hackers impersonated a company executive and diverted funds intended for another company. This information was revealed in an FIR filed with the Bengaluru City Cyber Crime Police on November 5.
How the Fraud Was Executed
According to the complaint filed by Mahesh Babu K. of Group Pharmaceuticals Limited, the company was expecting a payment of ₹2.16 crore for goods supplied to Dr. Reddy’s. However, the fraudsters allegedly intercepted email communications between the two companies and sent a fake message to Dr. Reddy’s finance team on November 3.
The fraudulent email was sent from a slightly altered address, “KKeshav@Grouppharma.in“, instead of the official email address “kkeshav@grouppharma.in“. In the fake email, the finance team was instructed to transfer the amount to a different Bank of Baroda account. Believing the email to be legitimate, the finance team transferred the payment to the fraudulent account.
Discovery of the Fraud
Group Pharmaceuticals later discovered the fraud and contacted the police to request the freezing of the fraudulent account and recovery of the funds. The accused is reportedly based in Vadodara, Gujarat.
Police Investigation and Legal Action
The police have filed a case under Section 66(C) and 66(D) of the IT Act for identity theft and cheating under false names, along with the relevant sections of the Indian Penal Code. Investigations into the cyber fraud are ongoing.
About Dr. Reddy’s Labs
Dr. Reddy’s Labs is a major pharmaceutical company with a market capitalization of over ₹1 lakh crore. The current share price is ₹1205.30.
