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

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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.

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

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

Deal Subedar Deal Subedar
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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

Deal Lieutenant Deal Lieutenant
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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…
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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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