Cyber Fraud Hits Spandana Sphoorty Financial, ₹7.8 Crores Transferred from Accounts
Spandana Sphoorty Financial reports ₹7.8 crore cyber fraud affecting 82 accounts, prompting immediate service suspension and investigations.
New Delhi, November 2 (Daily Kiran) : Spandana Sphoorty Financial, a microfinance company, reported a cyber fraud incident on November 2, revealing that ₹7.8 crores had been debited from one of its bank accounts. According to an exchange filing, the funds were transferred to 82 different accounts. Upon discovering the fraud, the company swiftly halted its affected services.
The firm has notified the relevant bank about the incident, requesting the reversal of transactions, freezing of beneficiary accounts, and a thorough investigation. Additionally, a complaint has been lodged with the National Cyber Crime Reporting Portal. The company is also filing an insurance claim related to the cyber fraud and is informing other pertinent authorities.
In its exchange filing, Spandana Sphoorty Financial stated that it is actively investigating the matter and will provide updates to the exchanges as they become available. For the second quarter, the company reported a consolidated net profit of ₹18 crores, while standalone net profit stood at ₹35 crores.
As of the end of September, the group’s assets under management (AUM) increased by 31% year-on-year to ₹5,364 crores, with an improvement in the gross non-performing asset (NPA) ratio to 2.54%. The net NPA was reported at 0.50%.
On the Bombay Stock Exchange, shares of Spandana Sphoorty Financial fell by 4.13%, trading at ₹180.90 per share. The stock’s 52-week high is ₹319.70, while its lowest point is ₹175. It has seen a decline of 27.36% over the past year and a staggering 77.52% drop over three years. In the last five years, the stock has decreased by 63.50%.
