Cyber Fraud Hits Aditya Birla Capital App, Rs 1.95 Crore Digital Gold Stolen
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A hacker broke into Aditya Birla Capital's ABCD app and tampered with its system.
A major cyber fraud has been reported from Mumbai's Prabhadevi area, where a hacker targeted Aditya Birla Capital Digital Limited's mobile app, known as 'ABCD." The unknown attacker gained access to the app's system and made technical changes. He then illegally sold digital gold worth around Rs 1.95 crore from 435 user accounts.
According to The Free Press Journal, the fraud came to light when several customers contacted the company's helpline. They complained that their digital gold had been sold without their knowledge or approval. Alarmed by the calls, the company's technical team began investigating and soon discovered signs of a security breach.
Following this, Aditya Birla Capital filed a police complaint with the Central Region Cyber Police Station in Mumbai. The complaint was submitted by Ravindra Rajmal Chaudhary, Head of Fraud Risk Management at the company, The Free Press Journal states.
According to the Cyber Cell, the fraud took place on June 9. The hacker reportedly breached the application programming interface (API) that connects the ABCD app with the company's server at digital.adityabirlacapital.com.
By exploiting this technical link, the hacker easily bypassed the OTP (one-time password) security layer and successfully sold digital gold from hundreds of customer accounts.
For those unaware, the ABCD app offers various financial services, including the buying and selling of digital gold and silver, mutual funds, UPI, and insurance. The company uses MMTC-PAMP, a government-approved firm, for digital gold transactions. In addition, the payments are processed through Razorpay, an India-based fintech and payment gateway company.
Once the fraud was confirmed, the digital gold-selling feature on the app was immediately suspended to prevent further misuse. The company's information security team reportedly conducted a thorough internal check and verified that the breach did result in unauthorised digital gold sales from 435 user accounts.
A full report, including user details and technical logs, has been submitted to the Mumbai Cyber Cell. The cybercrime team has launched a detailed investigation to identify the hacker and recover the stolen funds. Further action is currently underway.
Meanwhile, this case has raised serious concerns about app security and the growing risks of digital financial fraud in India.
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