Commodities company sues Citibank over $976,000 hacker transfer dispute

Company says bank has responded to fraud reports

A Singapore-based commodities company is suing Citibank, accusing the company of holding hostage nearly $1 million that was transferred to the company by a hacker.

Taki & DA PTE claims Citibank won’t release $976,000 that CIM Banque transferred from Taki’s account to an account held at Citibank. The transfer occurred on Nov. 4, 2022 and was intended to go to Vitaro Energy SRL in Bucharest, Romania.

The lawsuit claims that communications between Taki and Vitaro were intercepted by a hacker. The hacker “fraudulently induced” Taki to transfer the funds to the wrong account held by Citibank.

“Defendant accepted the transfer of these funds despite the fact that none of the listed identifying information of the intended recipient matched the name on the account or of its holder,” the lawsuit says. “The name, address, bank, and even the country all differed.”

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