Saturday 10 December 2022
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EconomyBusinessHow Serum Institute of India lost more than Rs 1 crore

How Serum Institute of India lost more than Rs 1 crore

Fraudsters allegedly duped vaccine-maker Serum Institute of India of more than Rs 1 crore by sending messages in the name of its Chief Executive Officer Adar Poonawalla and asking for the transfer of money. Police officials told reporters that the online fraud unfolded between the afternoons of 7 and 8 September, said an official of Bundgarden police station.

A First Information Report (FIR) for and offences under the Information Technology Act has been registered against unidentified persons,” said senior inspector Pratap Mankar.

Satish Deshpande, one of the directors of the Serum Institute of India, received messages from a person who posed as Adar Poonawalla, as per the FIR. The sender asked Deshpande to transfer money to certain bank accounts immediately, said the complaint filed by the finance manager of the firm.

Believing that it was the CEO who had messaged, company officials transferred Rs 1,01,01,554 online, only to realize later that Poonawalla had never sent any such communication. An investigation is going on, said inspector Mankar.

Police in Pune said that FIR was registered under the Indian Penal Code (IPC Sections 419 ( by personation), 420 (cheating and dishonestly inducing delivery of property) and 34 (common intention) and sections under the Information Technology Act.

The police said further that the accused who sent the and the ones who hold the bank account into which the transfers were made are yet to be identified and nabbed.

The Serum Institute of India is an Indian and biopharmaceutical company with a plant near Pune. The company produces the Covishield vaccine used against coronavirus among other vaccines.

On 2 September, the union government launched India's first vaccine against cervical cancer–Quadrivalent Human Papillomavirus vaccine (qHPV), has been developed by the Serum Institute of India and the Department of Biotechnology (DBT) on Thursday. According to the Serum Institute, the vaccine is likely to cost 200-400 per dose.

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