Hyderabad, March 18 -- A Hyderabad-based startup was duped out of Rs 1.2 crore after scammers posing as the boss contacted the accountant of the company and tricked them into transferring the funds.

According to reports, on March 13, the company's accountant had received a message on WhatsApp from an unknown number carrying his employer's name and profile picture.

Believing it to be the business owner, the accountant followed the fraudster's instructions and transferred Rs 1.2 crore from the company's bank account to the account given by the fraudster without double-checking with the employer.

However, when the accountant received a similar message on March 17, he contacted his employer directly, resulting in the scam being unearthed....