While digital technology has provided us with a way to browse products and order them online, fraudsters seem to be taking advantage of the loopholes in the services that online shopping provides. In such an incident, an Indian online shopping brand has suffered huge losses as fraudsters exploited loopholes to dupe&nbsp;the company by claiming fake refunds.

Myntra, the Flipkart-owned fashion giant of India, discovered that it had been duped of Rs 1.1 crore ($129,600) between March and June this year after an audit was conducted. The company has lost over Rs 50 crore ($5,891,220) to scammers nationwide, TOI reported, citing a source.

According to police officials, the crooks would place bulk orders for several items available on the website like shoes, apparel, handbags, jewellery, watches, and cosmetics and make payments online or select the cash-on-delivery (COD) option.

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After receiving the order, they would raise complaints about receiving less number of products than ordered. In some cases, they would make a complaint that the product delivered was fake, of the wrong colour, not the same product, or the wrong size to claim refund.

Myntra Designs enforcement officer Sardar MS told police that about 5,529 such fraudulent orders were delivered to different locations across Bengaluru.

According to TOI, the police suspect a gang from Rajasthan to be involved in the fraud. Nearly all of those orders were placed from Jaipur. The fraudsters gave delivery addresses of Bengaluru and other metros, and few were delivered to commercial establishments.

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Although the online store wanted to file a complaint for all their losses, Bengaluru police have asked them to only file a complaint regarding the losses that occurred through deliveries within the city.

A case has been registered under IPC Sections 419 (cheating by personation) and 420 (cheating and dishonestly inducing delivery of property), and Information Technology Act. A police investigation is underway.

In a similar incident, three arrests were made in Gujarat after e-commerce brand Meesho was cheated of Rs 5.5 crore ($648,000) through fraudulent orders.

(With inputs from agencies)

While digital technology has provided us with a way to browse products and order them online, fraudsters seem to be taking advantage of the loopholes in the services that online shopping provides.

While digital technology has provided us with a way to browse products and order them online, fraudsters seem to be taking advantage of the loopholes in the services that online shopping provides. In such an incident, an Indian online shopping brand has suffered huge losses as fraudsters exploited loopholes to dupe the company by claiming fake refunds. Myntra, the Flipkart-owned fashion giant of India, discovered that it had been duped of Rs 1.1 crore ($129,600) between March and June this year after an audit was conducted. The company has lost over Rs 50 crore ($5,891,220) to scammers nationwide, TOI reported, citing a source. According to police officials, the crooks would place bulk orders for several items available on the website like shoes, apparel, handbags, jewellery, watches, and cosmetics and make payments online or select the cash-on-delivery (COD) option. Also read | Man dies by suicide, tags Musk and Trump in last post, accuses wife of harassment After receiving the order, they would raise complaints about receiving less number of products than ordered. In some cases, they would make a complaint that the product delivered was fake, of the wrong colour, not the same product, or the wrong size to claim refund. Myntra Designs enforcement officer Sardar MS told police that about 5,529 such fraudulent orders were delivered to different locations across Bengaluru. According to TOI, the police suspect a gang from Rajasthan to be involved in the fraud. Nearly all of those orders were placed from Jaipur. The fraudsters gave delivery addresses of Bengaluru and other metros, and few were delivered to commercial establishments. Also read | YesMadam's HR email firing 100 employees to relieve their stress goes viral. Here's the truth behind the post Although the online store wanted to file a complaint for all their losses, Bengaluru police have asked them to only file a complaint regarding the losses that occurred through deliveries within the city. A case has been registered under IPC Sections 419 (cheating by personation) and 420 (cheating and dishonestly inducing delivery of property), and Information Technology Act. A police investigation is underway. In a similar incident, three arrests were made in Gujarat after e-commerce brand Meesho was cheated of Rs 5.5 crore ($648,000) through fraudulent orders. (With inputs from agencies)

Indian online fashion giant Myntra duped of $129K by fraudsters, investigation underway: Report

A notice was sent to the chief executive officers of Flipkart and Amazon by the Delhi Commission for Women (DCW) over the ‘easy availability of acid’ after a teenage girl recently faced an acid attack in the national capital.&nbsp;In its letter, the DCW highlighted, “The accused bought acid through Flipkart.” Expressing its concern over the availability of acid on the e-commerce platform, it said that "acid is easily available on Amazon and Flipkart, which is illegal". &nbsp;

The panel further appealed to the organisations to take urgent steps in this regard.

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The DCW, in its letter, stated, "Please inform the reason for the availability of acid on the e-shopping platform. Please provide complete details of the sellers who have placed acid as a 'product' on your platform." &nbsp;

The women’s panel also asked the e-commerce giants to submit a copy of the licence permitting the sale of acid online, along with a copy of the policy which was adopted by firms on the sale of products which are government regulated. The panel further inquired whether the e-commerce platform had collected the photo IDs of those who had bought acid.

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DCW writes to CEOs of Amazon &amp; Flipkart about the acid attack on a 17-yr-old girl in Dwarka. 
 
"DCW has learnt that accused bought acid through 'Flipkart' &amp; that acid is easily available on 'Amazon' &amp; 'Flipkart' which is illegal," the letter reads as DCW seeks details on the same <a href="https://t.co/XZ0Ey39hLt">pic.twitter.com/XZ0Ey39hLt</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1603292307616595968?ref_src=twsrc%5Etfw">December 15, 2022</a></blockquote>
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On the morning of Wednesday, a 17-year-old teenage girl was on her way to school accompanied by her sister when acid was thrown on her by two men on a bike in the Mohan Garden area of West Delhi. The acid attack was caught on CCTV and stirred a huge outrage.

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Hours after the incident, three men were arrested by police while the teen was admitted to the Safdarjung Hospital, where the doctors confirmed that she suffered 8% burn injuries.

The main accused, Sachin, resides in the same locality as the victim. Special Commissioner of Police Sagar Preet Hooda said that the accused started stalking the victim three months ago after the latter rebuffed the former’s advances.

“Sachin ordered the acid on the e-commerce website Flipkart and was with his friend (Harshit Aggrawal) while attacking the girl. The bike used in commission of crime and a phone have been recovered,” the police stated in the report.

(With inputs from agencies)

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

A notice was sent to the chief executive officers of Flipkart and Amazon by the Delhi Commission for Women (DCW) over the ‘easy availability of acid’ after a teenage girl recently faced an acid attack in the national capital.

A notice was sent to the chief executive officers of Flipkart and Amazon by the Delhi Commission for Women (DCW) over the ‘easy availability of acid’ after a teenage girl recently faced an acid attack in the national capital. In its letter, the DCW highlighted, “The accused bought acid through Flipkart.” Expressing its concern over the availability of acid on the e-commerce platform, it said that "acid is easily available on Amazon and Flipkart, which is illegal". The panel further appealed to the organisations to take urgent steps in this regard. ALSO READ| Amazon set to fire 20,000 employees, including top managers The DCW, in its letter, stated, "Please inform the reason for the availability of acid on the e-shopping platform. Please provide complete details of the sellers who have placed acid as a 'product' on your platform." The women’s panel also asked the e-commerce giants to submit a copy of the licence permitting the sale of acid online, along with a copy of the policy which was adopted by firms on the sale of products which are government regulated. The panel further inquired whether the e-commerce platform had collected the photo IDs of those who had bought acid. DCW writes to CEOs of Amazon & Flipkart about the acid attack on a 17-yr-old girl in Dwarka. "DCW has learnt that accused bought acid through 'Flipkart' & that acid is easily available on 'Amazon' & 'Flipkart' which is illegal," the letter reads as DCW seeks details on the same pic.twitter.com/XZ0Ey39hLt — ANI (@ANI) December 15, 2022 × On the morning of Wednesday, a 17-year-old teenage girl was on her way to school accompanied by her sister when acid was thrown on her by two men on a bike in the Mohan Garden area of West Delhi. The acid attack was caught on CCTV and stirred a huge outrage. WATCH| WION Business News | Amazon to freeze corporate hiring Hours after the incident, three men were arrested by police while the teen was admitted to the Safdarjung Hospital, where the doctors confirmed that she suffered 8% burn injuries. The main accused, Sachin, resides in the same locality as the victim. Special Commissioner of Police Sagar Preet Hooda said that the accused started stalking the victim three months ago after the latter rebuffed the former’s advances. “Sachin ordered the acid on the e-commerce website Flipkart and was with his friend (Harshit Aggrawal) while attacking the girl. The bike used in commission of crime and a phone have been recovered,” the police stated in the report. (With inputs from agencies)

Attack on teen girl: Flipkart, Amazon face Delhi women's panel action for selling acid online

Amazon said that there would be more role reductions at its annual planning process extends into next year which means more layoffs could come at the E-commerce giant. Leaders continue to make adjustments, Alibaba has said, the e-commerce giant also said decision will be shared with the employees.

World Business Watch: Amazon layoffs to extend into 2023, more role reductions at company

Walmart is likely to announce its much-anticipated deal to buy a controlling stake in Indian e-commerce company Flipkart, in what is likely to be the US retail giant’s biggest acquisition.&nbsp;

Bentonville, Arkansas-based Walmart and its partner in the deal, Google parent Alphabet Inc, are looking to buy up to three-quarters of Flipkart. Walmart will look to own a roughly 60 percent stake, while Alphabet will get about 15 percent ownership of the online marketplace, sources added. The deal is likely to value Flipkart at roughly $18 billion to $20 billion.

Indian media reported last week that Amazon.com Inc, which has been pouring billions of dollars into India to ship goods to shoppers faster, had made a formal offer to buy 60 percent of Flipkart but that Flipkart’s founders preferred Walmart.

Below are key facts about Flipkart:

The company was founded in 2007 in the southern Indian city of Bengaluru by Sachin Bansal and Binny Bansal. The Bansals, who are not related, met in 2005 at the Indian Institute of Technology, Delhi. They are both former employees of Amazon.

Flipkart at first sold books, later expanding to sell music, movies, games, electronics and mobiles, the category that has driven growth. The first book it sold was John Wood’s Leaving Microsoft to Change the World. It launched logistics arm Ekart in 2010 and started the now popular cash-on-delivery service.

It opened its first office in Bengaluru in 2008 and opened offices in Delhi and Mumbai in 2009. Last month, Flipkart consolidated all its Bengaluru offices in one large campus.

In 2011, Flipkart domiciled to Singapore, as it looked to woo foreign investors to fund rapid growth. The first billion-dollar Indian e-commerce company, Flipkart sells 8 million products across 80 plus categories. It has 100 million registered users, 100,000 sellers, 21 warehouses, 10 million daily page visits.

Key people:

In 2016, Binny Bansal took over as CEO and Sachin Bansal became executive chairman. Last year, Kalyan Krishnamurthy, previously an executive in Flipkart investor Tiger Global, took over as Flipkart CEO.

Binny Bansal became CEO of the whole group, which includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart.

The company’s board has seven members. Dropbox Inc’s chief technology officer, Aditya Agarwal, joined the board in 2014.

Mergers & Acquisitions:

Bought online apparel retailer Myntra in a deal pegged by sources at about $300 million in 2014, and another retailer Jabong for $70 million in 2016.

Last year, Flipkart offered to buy rival Snapdeal but the deal fell through. SoftBank, Flipkart’s largest investor, also has a stake in Snapdeal, as does China’s Alibaba Group Holding Ltd.

Flipkart bought payment startup PhonePe in 2016. In exchange for an equity stake in Flipkart, eBay agreed to make a $500 million cash investment in and sell its eBay.in business to Flipkart in 2017.

Investors:

Japan’s SoftBank Group Corp owns a fifth of Flipkart through its Vision Fund. SoftBank expected to sell its whole stake in the Walmart deal, Reuters reported last week.

Early investors New York-based hedge fund Tiger Global and U.S. private-equity firm Accel Partners will sell a majority of their stakes, Reuters reported on Tuesday.

Other investors include the founders and Napsers Ltd. China’s Tencent Holdings Ltd, eBay Inc and Microsoft Corp invested $1.4 billion last year.

Financials, according to filings sourced by business intelligence platform paper.vc:

Flipkart Group’s consolidated loss attributable to owners of the company in fiscal 2017 widened to 87.70 billion rupees, from 52.16 billion rupees a year earlier.

Consolidated revenue jumped 29 percent to 198.55 billion in fiscal 2017. 
&nbsp;

Walmart is likely to announce its much-anticipated deal to buy a controlling stake in Indian e-commerce company Flipkart before the end of this week.

Walmart is likely to announce its much-anticipated deal to buy a controlling stake in Indian e-commerce company Flipkart, in what is likely to be the US retail giant’s biggest acquisition. Bentonville, Arkansas-based Walmart and its partner in the deal, Google parent Alphabet Inc, are looking to buy up to three-quarters of Flipkart. Walmart will look to own a roughly 60 percent stake, while Alphabet will get about 15 percent ownership of the online marketplace, sources added. The deal is likely to value Flipkart at roughly $18 billion to $20 billion. Indian media reported last week that Amazon.com Inc, which has been pouring billions of dollars into India to ship goods to shoppers faster, had made a formal offer to buy 60 percent of Flipkart but that Flipkart’s founders preferred Walmart. Below are key facts about Flipkart: The company was founded in 2007 in the southern Indian city of Bengaluru by Sachin Bansal and Binny Bansal. The Bansals, who are not related, met in 2005 at the Indian Institute of Technology, Delhi. They are both former employees of Amazon. Flipkart at first sold books, later expanding to sell music, movies, games, electronics and mobiles, the category that has driven growth. The first book it sold was John Wood’s Leaving Microsoft to Change the World. It launched logistics arm Ekart in 2010 and started the now popular cash-on-delivery service. It opened its first office in Bengaluru in 2008 and opened offices in Delhi and Mumbai in 2009. Last month, Flipkart consolidated all its Bengaluru offices in one large campus. In 2011, Flipkart domiciled to Singapore, as it looked to woo foreign investors to fund rapid growth. The first billion-dollar Indian e-commerce company, Flipkart sells 8 million products across 80 plus categories. It has 100 million registered users, 100,000 sellers, 21 warehouses, 10 million daily page visits. Key people: In 2016, Binny Bansal took over as CEO and Sachin Bansal became executive chairman. Last year, Kalyan Krishnamurthy, previously an executive in Flipkart investor Tiger Global, took over as Flipkart CEO. Binny Bansal became CEO of the whole group, which includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart. The company’s board has seven members. Dropbox Inc’s chief technology officer, Aditya Agarwal, joined the board in 2014. Mergers & Acquisitions: Bought online apparel retailer Myntra in a deal pegged by sources at about $300 million in 2014, and another retailer Jabong for $70 million in 2016. Last year, Flipkart offered to buy rival Snapdeal but the deal fell through. SoftBank, Flipkart’s largest investor, also has a stake in Snapdeal, as does China’s Alibaba Group Holding Ltd. Flipkart bought payment startup PhonePe in 2016. In exchange for an equity stake in Flipkart, eBay agreed to make a $500 million cash investment in and sell its eBay.in business to Flipkart in 2017. Investors: Japan’s SoftBank Group Corp owns a fifth of Flipkart through its Vision Fund. SoftBank expected to sell its whole stake in the Walmart deal, Reuters reported last week. Early investors New York-based hedge fund Tiger Global and U.S. private-equity firm Accel Partners will sell a majority of their stakes, Reuters reported on Tuesday. Other investors include the founders and Napsers Ltd. China’s Tencent Holdings Ltd, eBay Inc and Microsoft Corp invested $1.4 billion last year. Financials, according to filings sourced by business intelligence platform paper.vc: Flipkart Group’s consolidated loss attributable to owners of the company in fiscal 2017 widened to 87.70 billion rupees, from 52.16 billion rupees a year earlier. Consolidated revenue jumped 29 percent to 198.55 billion in fiscal 2017.

Flipkart: A look at the journey of India's e-commerce giant

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Indian online fashion giant Myntra duped of $129K by fraudsters, investigation underway: Report

Attack on teen girl: Flipkart, Amazon face Delhi women's panel action for selling acid online

World Business Watch: Amazon layoffs to extend into 2023, more role reductions at company

Flipkart: A look at the journey of India's e-commerce giant