{"id":1288325,"date":"2024-12-11T11:22:07","date_gmt":"2024-12-11T05:52:07","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1288325"},"modified":"2024-12-11T11:22:41","modified_gmt":"2024-12-11T05:52:41","slug":"fraudsters-cheat-myntra-of-rs-1-1-crore-in-120-days-by-abusing-return-policy","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/fraudsters-cheat-myntra-of-rs-1-1-crore-in-120-days-by-abusing-return-policy\/","title":{"rendered":"Fraudsters Cheat Myntra Of Rs 1.1 Crore In 120 Days By Abusing Return Policy"},"content":{"rendered":"\n

In a recent update, India’s online shopping platform, Myntra has filed a complaint with the Bengaluru Police after losing Rs 1.1 crore to fraudulent orders placed across the city.\u00a0<\/p>\n\n\n\n

\"Fraudsters<\/figure>\n\n\n\n

How Did This Happen?<\/strong><\/p>\n\n\n\n

It appears that the scammers used the e-commerce company’s refund option to cheat it of Rs 50 crore in orders placed across the country, of which 5,529 were placed in Bengaluru, as per the media report<\/a>.<\/p>\n\n\n\n

The online shopping platform elaborated that the cheats would place orders in bulk for expensive branded shoes, clothes, accessories, and jewellery, in its complain.<\/p>\n\n\n\n

Further, these customers would clear the payments but would report certain items missing from their orders or complain that the products received were different from what had been ordered. <\/p>\n\n\n\n

After the request was raised on its app or website, Myntra would initiate a refund for the faulty orders. <\/p>\n\n\n\n

For instance, if a person placed an order for 10 pairs of branded shoes, after receiving the parcel, they would claim that the parcel had only five pairs as per an explanation given by a police officer to the media.<\/p>\n\n\n\n

This way, the refunds would be claimed for the remaining five pairs of shoes which they have paid for. <\/p>\n\n\n\n

Similarly, some of the fraudsters who placed orders for clothes complained that the clothes they had ordered did not match the colour and size they ordered while requesting a refund, said the officer.<\/p>\n\n\n\n

A Significant Turnaround From Losses<\/strong> <\/p>\n\n\n\n

Interestingly, this fraud came to light during an audit, said Sardar MS, Myntra Designs enforcement officer in a media interaction.<\/p>\n\n\n\n

Further adding that the company wanted to lodge a complaint for the loss it faced due to fraudulent orders placed across the country.<\/p>\n\n\n\n

However, the police urged them to file a complaint on the basis of the cases based in the city.<\/p>\n\n\n\n

So far, they suspect a gang from Rajasthan to be involved in the scam and are investigating it, according to the Bengaluru Police.<\/p>\n\n\n\n

In the meantime, Myntra, which is the fashion e-commerce platform owned by Walmart, has reported a profit of Rs 30.9 crore for the fiscal year ending March 2024. <\/p>\n\n\n\n

This appears to be a significant turnaround from a loss of Rs 782.4 crore in FY23.<\/p>\n\n\n\n

Also marks the company’s recovery through increased revenue and strategic cost management.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent update, India’s online shopping platform, Myntra has filed a complaint with the Bengaluru Police after losing Rs 1.1 crore to fraudulent orders placed across the city.\u00a0 How Did This Happen? It appears that the scammers used the e-commerce company’s refund option to cheat it of Rs 50 crore in orders placed across […]<\/p>\n","protected":false},"author":27,"featured_media":1288340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5667,70],"class_list":["post-1288325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-fraudsters","tag-myntra"],"acf":[],"yoast_head":"\nFraudsters Cheat Myntra Of Rs 1.1 Crore In 120 Days By Abusing Return Policy - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/fraudsters-cheat-myntra-of-rs-1-1-crore-in-120-days-by-abusing-return-policy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fraudsters Cheat Myntra Of Rs 1.1 Crore In 120 Days By Abusing Return Policy - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"In a recent update, India’s online shopping platform, Myntra has filed a complaint with the Bengaluru Police after losing Rs 1.1 crore to fraudulent orders placed across the city.\u00a0 How Did This Happen? 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