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Sachin Bansal's Navi Technologies defrauded of Rs 14.26 crore by scammers

Economic Times · 4m

Navi Technologies, a fintech venture by Flipkart cofounder Sachin Bansal, suffered a Rs 14.26 crore financial loss due to scammers exploiting a payment bug. The scammers manipulated the payment process by altering the payable amount through a third-party payment gateway, causing the system to erroneously register payments as complete. A police case has been filed in Bengaluru. This incident occurred shortly after the Reserve Bank of India lifted previous restrictions on the company.