Paytm Fraud: This Man Almost Lost Rs 5000 From Paytm Wallet; Reason Still Unknown!

Paytm Fraud: This Man Almost Lost Rs 5000 From Paytm Wallet; Reason Still Unknown!
Paytm Fraud: This Man Almost Lost Rs 5000 From Paytm Wallet; Reason Still Unknown!

This morning, a huge shock got to a very famous investment manager, when he finds out that Rs 5,000 from his Paytm wallet got automatically transferred to a juice vendor. 

How Did This Happen? 

Moreover, On Tuesday morning, Vikaas M Sachdeva, CEO of a reputed AMC, became victim of a fraud when his entire balance of Rs 5,520.93 got transferred to Shree Balaji Juice centre at about 12.15 am. 

While talking about this incident on Twitter, he said that the fraud took place when he was asleep at home.

What Does The Complaint Say? 

Vikaas Sachdeva tweeted “Just flagging off a fraud which happened to me. My entire paytm balance of over 5k got transferred to an entity called Balaji juice centre at 12.15 am today while I was asleep at home. Reported it to @Paytmcare but am surprised how vulnerable paytm is to cyber fraud,”. 

The complaint has about 4,946 followers on Twitter. 

What Does Paytm Say? 

Sachdeva also informed that he had got a response from Paytm Bank Care saying that the refund of Rs 5,520.93 has been added to hit wallet. 

Paytm said “Hi Vikaas, this is not the experience we strive to deliver to our customers. We have added the refund of ?5220.93 to your account under wallet transaction ID 27XXXXXX73 against the transaction at Shree Balaji juice centre,”.

The company also asked Vikas to check the refund in his wallet history under the Passbook section.

What Should We Expect Further? 

Sachdeva has about 4,946 followers on the micro-blogging site.

 Although, the amount has been refunded to his wallet but still Sachdeva has asked Paytm to share how did this fraud took place. 

On Twitter, he said “As you can see, a lot of people have spoken up and they are equally worried. I would like to see a RCA done and shared with me,”. 

What Does Experts Say? 

The expert says that there should be more security measures needs to be considered to avoid this kind of situations. 

An anonymous financial services professional said “The issue is new age requirements are being governed by age-old rules. There should be a grievance redressal mechanism in place,”. (Reference

Let’s keep a watch on this section for further updates. 

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