INOX Accounts Executive Duped in WhatsApp Fraud, Loses Rs 10.40 Crore

A senior official from the accounts department of INOX Group in Mumbai was duped of Rs 10.40 crore in a financial scam executed through WhatsApp messages by cybercriminals impersonating a senior executive from his office.

The victim, Girish Amin, a deputy general manager in the accounts branch, reportedly believed that the instructions were being issued by executive director Siddharth Jain, whose image was used as the display picture on the fraudulent account.

WhatsApp Impersonation Scam and Fund Transfers

According to a report in the Indian Express, the incident started on June 3 when the victim received a message from an unknown number claiming to represent the executive director. The sender instructed him to save the number as a private contact and avoid making calls, saying he would respond later as he was as busy in a meeting. The sender instructed him to save the number as a very personal contact and not to share it with anyone.

After that bank account details were shared and the victim was asked to transfer funds. He processed multiple transactions over the following days.

A total of 63 transactions took place from June 3-15, 2026, amounting to Rs 10.40 crore. The first transfer was around Rs 46.50 lakh, followed by repeated payments based on further instructions.

Fraud Detected After Internal Confirmation

The fraud came to light when the victim contacted the executive through official channels to seek invoices related to the transactions for accounting purposes.

During this verification, it was confirmed that no such instructions had been issued after which the victim realised he had been duped in an impersonation scam. He then lodged a complaint and initiated the reporting process.

Following investigation, Delhi Police arrested four individuals in connection with the case. Two accused, Vikash and Vansh, had allegedly rented out their bank accounts for commissions of Rs 30,000 and Rs 20,000 respectively. They were apprehended in South-East Delhi during the operation.

Police later arrested two alleged handlers, Faiyaz Alam and Amit, from Madanpur Khadar. Officials said the network used multiple bank accounts to route the funds obtained through the fraud.

The case signals the rising risk of impersonation-based cyber frauds and the importance of staying alert. Users should verify all financial instructions through the official channels before acting on them.