Kochi City Police have launched an investigation into an alleged cyber fraud in which unidentified individuals impersonated representatives of an Italian company to cheat Lulu Group of around Rs 1.64 crore. The accused allegedly used email addresses resembling those of a long-standing business partner to send fake invoices and bank details, leading the retail group to transfer money into accounts provided by the fraudsters, officials said on Saturday.
Lulu Group email fraud
According to the FIR, the alleged fraud occurred between September 2 and 29 this year. The accused allegedly created email addresses that closely resembled those belonging to IE Park SRL, an Italian company that has an established business relationship with Lulu Group.
Using these addresses, the unidentified individuals allegedly posed as representatives of the Italian company and contacted Lulu Group with invoices and bank account details. The communications sought payment of outstanding dues for gaming equipment purchased by the group, the FIR stated.
Believing the emails to be genuine, Lulu Group transferred 150,500 euros, equivalent to approximately Rs 1.64 crore, to the bank accounts mentioned in the messages, according to the complaint.
Kochi Cyber Crime Police register FIR
The Kochi City Police registered a first information report (FIR) at the Cyber Crime Police Station on Friday following a complaint by Deepak Sreedhar Nair, legal manager at Lulu Group.
The case has been registered under various provisions of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.
Police suspect that the accused used impersonation and forged electronic communications to cause financial loss to Lulu Group while securing an unlawful monetary gain. The individuals involved have not yet been identified, and the investigation is continuing.
What is Lulu Group?
Headed by M A Yusuff Ali, Lulu Group has a significant international presence, particularly in the Middle East, alongside operations across several Indian states.
Its business interests span hypermarkets, shopping malls, imports and distribution, trading, shipping and information technology, among other sectors.