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Chinese group swindles $18.5 million from Indian arm of Italian company: Economic Times

Reuters  |  MUMBAI 

(Reuters) - A group of Chinese hackers robbed 1.3 billion rupees ($18.45 million) from the Indian unit of through an elaborate cyber that included impersonating the Italian engineering firm's chief executive, reported.

The scammers sent emails to the of Tecnimont, part of the publicly traded Maire Tecnimont, from an account that looked similar to one used by the Italian group's and also organised conference calls to discuss a "confidential" acquisition in China, the ET report said, citing a complaint made with the police.

The hackers then convinced the chief to transfer the money for the acquisition in three tranches from to banks in Hong Kong, saying the amount could not be moved from due to regulatory issues, the report said.

During the conference calls, various people in the hacking group pretended to be the CEO, of Tecnimont and a top based in Switzerland, ET said.

According to the newspaper, Tecnimont has launched a forensic investigation into the and has hired legal and security firms to look into the matter.

Tecnimont did not immediately respond to emailed queries from and calls to its Mumbai-based unit went unanswered.

The ET, however, cited Tecnimont as saying the company did not regard the theft as a "cyber attack but a fraud" while declining to comment further.

According to the ET report, the company has fired its India of accounts and

($1 = 70.4500 Indian rupees)

(Reporting by Abhirup Roy; Editing by Himani Sarkar)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 12:10 IST
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