Cyber Fraud Hits Spandana Sphoorty, Investigation Underway
What Happened
Microfinance lender Spandana Sphoorty Financial reported unauthorised transactions totalling about ₹7.8 crore from one of its bank accounts on November 1. The money was transferred through multiple transactions to beneficiary accounts. After detecting the incident, the company stopped the affected services, asked its bank to reverse the transactions and freeze beneficiary accounts, and filed a complaint with the National Cyber Crime Reporting Portal.
Key Takeaways
The investigation is still underway, and Spandana Sphoorty has not yet confirmed how much of the ₹7.8 crore, if any, has been recovered.