Lulu Group loses ₹1.64cr to email impersonation fraud
What's the story
Lulu Group, a retail giant, has become the latest victim of an alleged email impersonation fraud. The Kochi City Cyber Crime Police have registered a case after the company lost ₹1.64 crore in the scam. Fraudsters allegedly posed as representatives of IE Park S R L, a long-time business partner of Lulu Group, to execute their plan.
Deception
Fraudsters used fake email addresses
The fraudsters created fake email addresses similar to those of IE Park S R L and posed as its representatives.
They communicated with Lulu Group through these emails, sending invoices and bank account details for payment of gaming equipment.
Believing the communications to be genuine, Lulu Group transferred €150,500, according to a complaint filed by Deepak Sreedhar Nair, legal manager at Lulu Group.
Ongoing probe
Police launch investigation into case
The Kochi City Police have launched an investigation into the case.
The FIR was registered at the Cyber Crime Police Station under various sections of the Bharatiya Nyaya Sanhita (BNS) and Information Technology Act.
The police suspect that impersonation and forged electronic communications were used to cause financial loss to Lulu Group while securing an unlawful monetary gain.
Company profile
Lulu Group's business interests
Led by M A Yusuff Ali, Lulu Group has a strong international presence, especially in the Middle East. The company also operates in several Indian states. Its business interests span various sectors including hypermarkets, shopping malls, imports and distribution, trading, shipping, and information technology.