Odisha: Over Rs 14 crore was syphoned off by altering the QR code of a fintech company, according to a “rare and new” type of crime uncovered by the Economic Offences Wing (EOW) of the Odisha Police. This information was provided by an officer. In connection with the case, on July 6, the police also detained Karan Kumar Singh, a resident of Noida Sector-19, Uttar Pradesh, and transported him to Bhubaneswar on a three-day transit detention.
Fintech Company Files Complaint Over QR Code Scam
The EOW began the investigation on June 29 in response to a complaint made by Sanjib Kumar Parida, the Chief Technology Officer (CTO) of Bhubaneswar-based fintech startup IServeU Technology Pvt Ltd, according to a statement made by JN Pankaj, Inspector General (IG), EOW. On the basis of, a case was filed The complainant said that between April and May 2023, he and the directors of Payone Digital Services Pvt Ltd, a Noida-based business, entered into a technological integration agreement. The complaint claimed that IServeU had made its UPI API available to the company for commercial usage in accordance with the agreement to provide digital payment services and assist Finotek service. They are directors of Payone Digital Services Pvt., together with the arrested suspect Karan Kumar Singh and his brother Lallu Singh.
Fintech Company Discovers Massive Funds Misappropriation through Manipulated Codes
The EWO officers added that the complainant’s employer discovered a significant discrepancy in the cash balance in his nodal bank account held with Fino Bank following settlement. According to the complaint, it was discovered after checking the UPI logs that Karan Singh and Lallu Singh had allegedly modified the QR code created by the complainant company in order to withdraw an extra credit of Rs 14.33 crore. The official claimed in a statement that user IDs and passwords given by the complaint company iServe with Payone Digital Services Pvt Ltd allowed money to be fraudulently transmitted from Payout Wallet to more than 125 other bank accounts. Chinese authorities are under suspicion by EWO officials as well. According to the EOW, it is feared that numerous additional defendants are also involved in this intricate and highly technological case. Since no such case has before surfaced, the EOW will enlist the assistance of specialists to conduct a thorough investigation. An advisory will also be issued so that the public is made aware of the situation. More research is being done.
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