1.20 crore defrauded exporter, the association quickly recovered.
A Tirupur-based export company is exporting ready-made garments to an importer based in Italy.
The exporting company is ready to ship the cargo on 14th January.
An email was received from the importer stating that one lakh 35,000 Euros (about one crore 20 lakhs in Indian Rupees) had been sent.
They immediately shipped the cargo.
Banks will remain closed since the next day due to Pongal festival.
After the holidays, the importer went to the bank and inquired, but the money did not credited.
It was only when the exporter contacted the importer again and inquired in detail that both were cheated by hackers.
It was revealed that the exporter's email was hacked and mailed the importer to send the money to a bank in England instead of the Indian bank.
Action was immediately taken by the Exporters Association and DGFT.
The entire amount was found to be in an HSBC bank account in the UK.
The money was sent back to the importer on complaint by the importer.
Then the importer sent the money to the exporter in Tirupur.
Hackers kept the money in the bank, making it easier to retrieve it.
Otherwise the exporter would have suffered a corresponding loss.
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