Unauthorized transfers totaling about Rs 7.80 crore from one Spandana Sphoorty Financial Limited account prompted the Indian lender to seek account freezes and bank reversals, its filing showed.
The transfers took place on Nov. 1 in multiple transactions. Spandana estimated the impact at Rs 7.80 crore (78 million rupees) in a Nov. 2 filing to the Bombay Stock Exchange and the National Stock Exchange of India.
The company said it halted affected services in its production environment after identifying the incident. It asked its bank to reverse the transfers, freeze the 82 beneficiary accounts and investigate. Spandana also said a complaint was registered on India’s National Cyber Crime Reporting Portal on Nov. 1 using helpline 1930, and that it was informing other appropriate authorities.
Spandana said it was seeking recovery under its cyber fraud insurance. The filing did not report recovered funds or say whether the insurer had accepted or paid the claim. It said the people involved remain under investigation.
The Economic Times reported that an unnamed senior official said insurance would leave the company with no loss. The filing confirms coverage and a claim in progress, but does not state that the full amount will be reimbursed.
Spandana said it would update the exchanges on developments, including any recoveries and the investigation’s outcome.
