Cyber thief defrauds payment gateway co

NT Correspondent

Bengaluru

The South East Division of the CEN Police arrested a cyber thief who defrauded a company providing a payment gateway platform of lakhs of rupees. Nitish Yadav (26), a native of Rajasthan, has been apprehended. The accused cheated Cash Free Payment India Pvt. Ltd. of Rs 15.58 lakh. Acting on info, he was arrested in Gurgaon, Haryana, and a trap has been set to catch another suspect, said City Police Commissioner B. Dayanand.

Cash Free Payment India Pvt. Ltd. provides a payment gateway platform between merchants and consumers. The accused, along with others, had registered a fake company under the name 'CYCN', claiming to offer online classes and textbooks for IIT, JEE, and NEET. They advertised online coaching and registered students under the name of CYCN, charging a fee of Rs 2 lakh. The Commissioner explained that the company receiving the payments, it transferred the funds to the accused’s company bank account. In this scheme, the accused registered under various names, falsely claiming to be students, and deposited money. As per the agreement, the payment gateway company would deduct a commission before transferring the remainder to the accused’s bank account.

Subsequently, the accused would file complaints on behalf of the students, stating they had not received textbooks. Despite claims of online classes for IIT, JEE, and NEET, no classes were actually being conducted. The complaints claimed non-receipt of textbooks. In line with RBI guidelines, the company refunded money to direct customers (the students) and, after an agreement, the accused instructed the company to process refunds.