Police are analysing bank records and other digital evidence linked to the transactions. (Screen grab: ITG)

Noida fintech firm server hacked, Rs 2.42 crore transferred in 497 transactions

A Noida-based fintech firm told police its server was hacked and Rs 2.42 crore was transferred through its API portal. Investigators are tracing 497 transactions across 58 accounts as they examine the breach and money trail.

by · India Today

In Short

  • Fintech firm in Noida reports Rs 2.42 crore fraud via hacked server
  • Funds transferred to 58 accounts in 28 banks on September 13
  • Company filed multiple complaints on National Cyber Crime Portal

A fintech company in Noida has reported a fraud of more than Rs 2.42 crore after its server was allegedly hacked and money was transferred through its API portal to multiple bank accounts.

The Cyber Crime police have registered an FIR based on a complaint filed by the company and launched an investigation into the breach.

RS 2.42 CRORE TRANSFERRED IN 497 TRANSACTIONS

According to the complaint filed by Renova Paytech Private Limited, the company’s server was hacked between around noon and 8 pm on September 13.

After gaining access to the system, the fraudsters allegedly used the company’s API portal to transfer Rs 2,42,62,576.

The money was moved through 497 transactions to 58 bank accounts across 28 banks, the company said in its complaint.

The company has also filed around 10 complaints on the National Cyber Crime Reporting Portal (NCRP) in connection with the incident.

COMPANY OFFERS DIGITAL PAYMENT SERVICES

Renova Paytech is a fintech company based in Sector 65, Noida. It provides services including mobile recharges, bill payments, Aadhaar-enabled withdrawals and domestic money transfers.

Company director Rajkumar told the police that the unauthorised transactions took place after the server was compromised on September 13.

POLICE PROBE API ACCESS, MONEY TRAIL

Cyber Crime police are collecting details of the bank accounts and transactions through which the money was transferred.

Investigators are also examining how the company’s server was breached and how the fraudsters gained access to its API portal.

Police are analysing bank records and other digital evidence linked to the transactions. The investigation is also focused on tracing the movement of the money and identifying those involved in the fraud.

- Ends