Paytm Mall Says Up To Rs. 10-Crore Cashback Fra...

Paytm Mall Says Up To Rs. 10-Crore Cashback Fraud Detected

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Deal Subedar
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https://www.ndtv.com/business/paytm-mall-news-p...

Paytm Mall on Tuesday said it has been hit by a cashback fraud which could be in the range of Rs. 5-10 crore. The fraud was detected through a tool that the company developed in partnership with global professional services firm EY (formerly Ernst and Young), said a Paytm Mall spokesperson.
He said Paytm went for a deeper audit after it found that some small sellers were getting large percentage of the cashbacks offered at Paytm Mall.

The audit reportedly revealed that a number of employees were colluding with junior employees to earn the cashbacks.

“The fraud is in the range of Rs. 5-10 crore,” the spokesperson told news agency IANS.

A brainchild of Paytm founder and CEO Vijay Shekhar Sharma, the e-commerce platform’s losses have mounted and in the financial year 2018, the company posted a loss of nearly Rs. 1,800 crore on revenue of Rs. 774 crore.

According to Forrester Research, the market share of Paytm Mall almost halved in 2018 — to 3 per cent from 5.6 per cent in 2017.

“Our partnership with E&Y will help benchmark with global best practices as we build a technology driven fraud prevention system to scale our operations,” Srinivas Mothey, senior vice president, Paytm Mall, said in a statement on Monday.

6 Comments  |  
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Deal Subedar
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Bas?? 10 karod?? #ChindhiPaytm
Itna to @androgame ne loot liya tha upi gold offer me 30 daily😂😂

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P_A_N_K_A_J wrote:

Bas?? 10 karod?? #ChindhiPaytm
Itna to @androgame ne loot liya tha upi gold offer me 30 daily😂😂

Thats the reason they stopped giving cashback and started these bijlibill coupons

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Deal Cadet
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Some Time Secretary Tries To Do Fraud
Some Time Users
Some Times Sellers
Some Times Internal Team

Poor Paytm Mall pensive

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Deal Subedar
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..These paytm employees are having a time of their lives…internal corruption….loot paytm internally….sell info and net gullible customers ….paytm fraud call scandal….whoever is running this ring is very sure that he is above law…
Premam first look.jpg.image.784.410 1491053822386
Entertainer
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People who applied for Paytm first card and got rejected: Kaleja ko thandak mili stuck_out_tongue

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