Scammers Impersonate Company Directors On Teams To Steal Rs 2.3 Crore

Fraudsters impersonating company directors on Microsoft Teams tricked a senior finance executive at a Mumbai industrial firm into transferring Rs 2.3 crore of company funds. The South Cyber Police have registered a First Information Report regarding the cyber deception and are currently conducting an investigation into the matter.

The incident took place on July 31, when a senior vice president of finance working with the industrial company was added to a group chat on the corporate platform Microsoft Teams. The chat room was titled ‘work group’. Inside the chat, two individuals were using the exact names of the company’s actual directors and were seemingly engrossed in a conversation concerning a commercial contract.

Because the industrial firm routinely conducted its internal corporate communications and meetings over Microsoft Teams, the senior vice president did not suspect any wrongdoing or foul play upon being added to the chat group. The setup closely mimicked standard operating procedures within the firm, allowing the impersonators to establish immediate credibility.

During the course of the digital exchange, one of the impersonators posing as a director questioned the senior vice president regarding the company’s current bank balance. The scammers then successfully manipulated the finance executive into executing fund transfers amounting to Rs 2.3 crore into accounts controlled by the fraudsters.

The case highlights a significant shift in corporate cybercrime tactics in the region. Fraudulent schemes previously relied heavily on messaging platforms such as WhatsApp, where scammers frequently utilized stolen display pictures to trick corporate employees into sending money. Moving beyond social messaging software, cybercriminals are now targeting professional collaboration tools like Microsoft Teams to carry out high-value deceptions. The South Cyber Police are continuing their probe to trace the funds and identify the culprits.