Navi Technologies, the fintech startup founded by Flipkart co-founder Sachin Bansal, suffered a loss of ₹14.26 crore due to fraud. The incident occurred over 14 days in December when scammers exploited a bug in Navi's payment system.
Using the app’s third-party payment gateway (TPAP), fraudsters initiated transactions and edited the payable amount to Re 1 after processing payments for higher amounts like ₹500 or ₹1,000. This loophole falsely recorded transactions as successful, resulting in Navi being charged the full original amount. Bengaluru’s Whitefield Cyber Crime Police have initiated an investigation into the matter.