HYDERABAD: Megha Engineering and Infrastructures Limited (MEIL), a leading Hyderabad-based infrastructure company, has reportedly lost Rs 5.47 crore in a sophisticated cyber fraud. Cybercriminals impersonated representatives of a Dutch supplier, leading to unauthorised fund transfers.
According to reports, MEIL had placed orders with a Netherlands-based company for essential equipment. The company had been making regular payments to the supplier’s official bank account. However, on November 29, 2024, MEIL received an email, purportedly from the supplier, stating that their bank account had been restricted due to court orders and requesting future payments to be sent to an alternative account in the United States.
Unaware of the deception, MEIL transferred €318,000 on January 24, 2025, and another €289,800 on January 29, 2025, to the fraudulent account. The fraud was discovered when the legitimate supplier inquired about pending payments, prompting MEIL to recognize the discrepancy. The company has since filed a complaint with the Telangana Cyber Security Bureau, and an investigation is underway.
This incident highlights the growing threat of phishing scams targeting large corporations. Cybersecurity experts recommend implementing strict verification processes for financial transactions, direct vendor confirmation for payment changes, and employee training to prevent such fraudulent activities.
