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Spandana Sphoorty Financial discovered ₹7.8 crore in unauthorised transfers from one of its bank accounts on November 1.
What Happened to Spandana Sphoorty Financial’s Bank Account?
Microfinance lender Spandana Sphoorty Financial disclosed on November 2 that it had identified a cyber fraud incident involving unauthorised transactions from one of its bank accounts. According to the company, approximately ₹7.8 crore, equivalent to 78 million rupees, was transferred to multiple beneficiary accounts without authorisation.
The transactions occurred on November 1. After detecting the suspicious activity, the company immediately stopped the affected services to prevent further unauthorised transactions.
The incident has raised concerns about financial security and the movement of funds through banking channels, particularly when money is transferred to multiple accounts.
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What Action Has the Company Taken?
Following the discovery, Spandana Sphoorty Financial notified the bank concerned and requested immediate action to address the unauthorised transfers. The company asked the bank to reverse the transactions, freeze the beneficiary accounts and conduct a detailed investigation into the incident. The lender did not disclose the name of the bank involved in the transactions.
It also registered a formal complaint through the National Cyber Crime Reporting Portal, seeking intervention regarding the suspected fraudulent activity.
The company’s immediate response focused on stopping the affected services and initiating measures to trace and recover the transferred funds.
Has the Stolen Money Been Recovered?
The company has confirmed that approximately ₹7.8 crore was transferred from its bank account to multiple beneficiary accounts. However, no confirmation has been provided regarding the recovery of the money or whether the receiving accounts have been successfully frozen. The identities of those responsible for the unauthorised transactions have also not been disclosed.
The available information does not establish how the account was compromised or which security weakness, if any, enabled the transfers. The company has requested a detailed investigation to establish the circumstances surrounding the incident.
Are Other Indian Lenders Facing Cybersecurity Incidents?
The disclosure comes amid other reported cybersecurity incidents involving Indian financial institutions. AU Small Finance Bank has been investigating a potential leak of customer information, while the State Bank of India recently disclosed a dark-web leak involving 3,897 customer records. These incidents involve different forms of cybersecurity risk, including suspected data exposure and unauthorised financial transactions. In Spandana Sphoorty Financial’s case, the immediate concern remains the movement of ₹7.8 crore into multiple accounts and the possibility of recovering the funds.
The incident highlights the importance of promptly identifying suspicious banking activity and coordinating with financial institutions to restrict further transfers.
Further findings from the requested investigation have not been disclosed.
