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Sachin Bansal's Navi Technologies defrauded of Rs 14.26 crore by scammers

Sachin Bansal's Navi Technologies defrauded of Rs 14.26 crore by scammersETtech

Navi Technologies founder Sachin Bansal

Synopsis
Navi Technologies, cofounded by Flipkart's Sachin Bansal, was defrauded of Rs 14.26 crore. Scammers exploited a system bug, using a third-party payment gateway to manipulate payment amounts, marking transactions as successful for Rs 1 while the company was charged the full amount. A case has been filed in Bengaluru against the unidentified scammers.
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Flipkart cofounder Sachin Bansal’s fintech venture, Navi Technologies, was defrauded of Rs 14.26 crore last month. The scammers, posing as customers, exploited a bug in the system to carry out the fraud, according to media reports.
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A case has been filed in Bengaluru by the Whitefield cybercrime police on Saturday against unidentified scammers.

A vigilance officer at Navi Technologies explained that for 14 days in December, customers were able to make payments for services such as mobile recharges and EMIs through the app using a third-party payment gateway (TPAP).

During this period, once a customer initiated the payment process, the payment gateway allowed them to edit the payable amount—a feature the scammers took advantage of to input their desired sum.

After the payment was processed, the scammers accessed the TPAP gateway and reduced the payable amount to Re 1. As a result, the system incorrectly marked the transaction as successful for Re 1, while Navi Technologies was charged the original full amount.
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Navi Technologies operates a non-banking finance company Navi Finserv, which is the main business of the group. Bansal owns a 98% stake in the holding entity. Navi Finserv offers unsecured personal loans and home loans.

The group was under the scrutiny of the Reserve Bank of India which instructed the NBFC to stop disbursing its credit products on October 21 citing reasons around pricing of these loans. Eventually, Navi brought down the maximum interest rate on unsecured personal loans to 26% from around 35% in the past and took corrective measures. The RBI subsequently allowed Navi to resume operations from December 2, 2024.

As of September 2024, Navi built an asset base of around Rs 14,984 crore. Its net profit for the September quarter stood at Rs 130 crore on total income of Rs 1,194 crore.
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(Catch all the Budget 2024 News, Events and Latest News Updates on The Economic Times.)

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