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Former Paytm field executive dupes people of money through fake KYC verification

The police arrested the individual after a businessman approached the police and said that he was duped on Paytm.

twitter-logo BusinessToday.In   New Delhi     Last Updated: May 9, 2018  | 12:50 IST
Former Paytm field executive dupes people of money through fake KYC verification

As Paytm made KYC verification mandatory for its customers, the rule opened up avenues for mischief-mongers to dupe unsuspecting people. The Cyber Cell of Rachakonda Police in Hyderabad arrested one such individual who was nabbed for transferring money through fake KYC verification. The cyber cell arrested Beerappa Gadda, a computer engineer who used to work for Paytm as a field executive. He used his past knowledge to dupe several people.

According to the police Gadda was arrested after a businessman approached the police and said that he was duped on Paytm. Based on the technical evidence, Gadda was nabbed.

The investigators revealed that Gadda used to work at the Gachibowli Paytm office as a field executive and his role required him to visit customers and update their KYC as well as set his own passwords.

One fine day, Gadda discovered that a lot of people had not changed the passwords he had set on their app and were continuing with the one he had put due to lack of technical knowledge. So, he started logging in to their Paytm and started transferring money to his wallet before logging out. Investigation revealed that Gadda had duped at least a dozen Paytm users and transferred their money to his own account.

The police have advised users to not respond to messages and voice calls that are made on behalf of banks, insurance companies and e-wallets. They have also urged people to set their own passwords before using any mobile or online banking apps.

"Organizations like banks and insurance companies will never call customers and ask to share their account details at any cost; e-wallet users are strictly advised to reset passwords on daily basis" said Mahesh Bhagwat CP, Rachakonda.

 

 

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