Paytm Founder and CEO Victimized in Extortion Scam

Paytm CEO and founder Vijay Shekhar Sharma who was victimized in an extortion scam, which apparently his payment business' communication head and a longtime confidante executed, started to suspect his employee when the latter repeatedly asked him for paying up a hefty sum so that certain stolen personal information could be protected, said Noida Police chief in an interview to Economic Times.

UP police arrested personal secretary of Vijay Shekhar Sharma because she apparently blackmailed her employer with forcibly making him pay INR 20 crore for returning the stolen personal information. However according to the e-wallet major, the entire consumer data the company maintains has the highest as well as most indecipherable security protections.

Paytm described the incident as theft of VSS' personal data because of which 3 individuals were arrested on October 23. Right now law enforcement officials were conducting a probe into the matter and the company respecting it declined saying anything further till the investigation's outcomes were declared.

But, despite the passage of 24-hrs following the arrests, nobody other than Mr. Sharma along with the CEO's core team appears as knowing anything about the stolen information's content that was used for blackmailing.

Meanwhile, Ajay Shekhar, brother of Vijay Shekhar Sharma, also belonging to Paytm said the stolen information had financial statements and personal photographs of the Paytm chief executive. Business-standard.com posted this, October 24, 2018.

Ajay Shekhar who lodged a complaint asserted the accused unlawfully acquired admission into the data stored on the mobile phone and computer of his brother. The scam was intended for impairing Vijay's reputation, as goes the FIR statement. The FIR was made at the police station of Sector 20 within the purview of IPC sections 381 for stealing something, 384 for extorting someone, 386 for extorting someone by scaring that person of murder, 408 for violation of trust, 420 for committing fraud, and 120-B for conspiring to commit crime. Other charges were also made vis-à-vis the alleged offender, within the purview of the Information Technology Act.

Paytm subsequently registered one complaint at police station which followed the probe for 30-and-more days after which the 3 arrests were made.

» SPAMfighter News - 10/29/2018