According to Bastar SP Shalabh Sinha, unknown cybercriminals impersonated an American supplier by spoofing its official email ID. They sent fake payment instructions to NSL, hoping to divert a large transaction to their own account.
Believing the emails were genuine, the company’s finance team initiated the transfer through the State Bank of India (SBI). However, the bank’s foreign branch noticed unusual transaction patterns and immediately paused the transfer, alerting NSL officials.
Upon verification, NSL confirmed with the real U.S. supplier that no payment request had been made. Thanks to the bank’s quick action and the company’s prompt response, no money was lost.
SP Sinha said, “The entire amount is safe and will soon be credited back to NMDC Steel Limited’s account.” He added that the fraud appears to be part of an international cyber network, and an FIR has been registered at the Jagdalpur Cyber Police Station. Coordination with international agencies is underway.
Cybersecurity experts identified the case as a Business Email Compromise (BEC) scam — a growing cybercrime where attackers monitor corporate email exchanges and send fake payment instructions at the right time.
Experts advise companies to implement two-factor verification, digital signatures, and strict bank account verification before processing large payments.
The Nagarnar plant, spread over 1,980 acres and built at a cost of ₹24,000 crore, is one of India’s largest integrated steel facilities. It produces hot rolled coils, plates, and sheets, and operates on an eco-friendly zero-discharge model.
The incident highlights how alertness and coordination between corporations and banks can prevent massive financial losses. The swift actions of NMDC Steel Limited and SBI not only saved ₹120 crore in public funds but also set an example for other organizations to strengthen their cybersecurity practices.
“Cybersecurity is no longer optional — it’s essential for every organization.”
Tags:
Cybercrime
