Navi Technologies Falls Victim to Payment Gateway Fraud, Loses INR 14.26 Crore The malicious actors were able to alter the payable amount after starting a transaction, reducing it to just INR 1. While the transactions were marked as successful, Navi ended up paying the full original amounts
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Navi Technologies, the fintech company founded by Flipkart co-founder Sachin Bansal, has become a victim of a cyber fraud worth INR 14.26 crore. The fraud reportedly took place over two weeks in December and involved a loophole in the company's payment system.
Navi's third-party payment gateway, which handles services like mobile recharges and EMI payments on the Navi app. The malicious actors were able to alter the payable amount after starting a transaction, reducing it to just INR 1. While the transactions were marked as successful, Navi ended up paying the full original amounts.
The company filed a complaint with the Whitefield Cybercrime Police in Bengaluru on Saturday. Authorities have launched an investigation to track down the people involved.
This incident comes at a tough time for Navi Technologies. In October, the Reserve Bank of India (RBI) had imposed restrictions on the company, citing concerns over high-interest rates on loans. Eventually, the company lowered the maximum interest rate on unsecured personal loans from around 35 per cent to 26 per cent. As a result, the Reserve Bank of India (RBI) allowed the company to restart operations on December 2, 2024.
By September 2024, Navi had built an asset base of about INR 14,984 crore. During the September quarter, it earned a net profit of INR 130 crore from a total income of INR 1,194 crore.
