Trade Enquiries
ADVISORY on Fraudulent activity
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Embassy of India, Budapest, over the last few months has received a number of complaints wherein India-based companies / traders have been subjected to fraudulent transfer of funds, which have been credited into bank accounts in Hungary. The modus operandi appears to be to hack into the email accounts of Indian companies and then using the knowledge of any ongoing business deal seek a transfer of funds to a fraudulent bank account. It has been observed that in the cases brought to the notice of Embassy of India, Budapest, the Indian businesses which transferred the amounts had dealings with business houses / traders in other parts of the world and there was no reason, in the first place, to transfer the amounts to a third country account.
Inquiries with the concerned banks in Hungary revealed that the banks do not verify the name and the account number, but effect transfers to the given bank account number. The affected Indian parties have been advised by the Embassy to lodge complaints with the police in India and follow the legal process to get their money back. The Embassy has also taken up the matter with the concerned authorities in Hungary for expediting the investigation and ensuring speedy justice.
In view of the above, the Embassy of India, Budapest advises all Indian businesses transacting international business to verify that the accounts into which they plan to make any wire transfer belongs to the entity / individual with which / whom they have an agreement or are in business. Email requests for wire transfers from familiar companies may kindly be verified for their genuineness prior to making any wire transfer.
