New Delhi | SaaS company Capillary Technologies has disclosed that one of its step-down subsidiaries has fallen victim to a cyber-enabled banking fraud involving approximately €3 million (around ₹32.7 crore). The company said that it has so far recovered about €450,000 (approximately ₹4.5 crore) from the defrauded amount.
In a regulatory filing, the company stated that the fraud was executed using advanced techniques, including deepfakes, forged signatures, and social engineering methods to impersonate senior company executives. The attackers used these impersonations to authorize unauthorized fund transfers to third-party bank accounts.
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According to the report, the incident surfaced just before the beginning of July, after which the company initiated immediate legal and technical countermeasures. It has been coordinating with law enforcement agencies, cybercrime authorities, and banks to freeze suspicious accounts and trace the diverted funds.
The company further said that additional suspicious accounts have been identified and placed under hold, helping to reduce potential further losses.
Despite the cyberattack, Capillary Technologies stated that its customer data and core technology infrastructure remain unaffected. The subsidiary was also covered under a cyber and crime insurance policy, and the extent of coverage and recoverability is currently being assessed.
Cybersecurity experts have warned that enterprise-level frauds are increasingly being driven by AI-enabled impersonation techniques, where attackers rely on synthetic identities rather than direct system breaches.
According to analysis by FUTURE CRIME RESEARCH FOUNDATION, deepfake and AI-driven financial frauds are emerging as a major threat to corporate ecosystems. The organization noted that fraudsters are increasingly using fake audio, video, and executive impersonation to manipulate internal approval systems and execute high-value transfers.
Experts further highlighted that such attacks primarily exploit human trust and internal organizational workflows rather than technological vulnerabilities, making them significantly harder to detect and prevent.
The company also noted that its recent expansion through acquisitions has increased its global operational footprint, and the fraud incident occurred during this phase of growth.
The case once again underscores the growing risks associated with rapid digital financial transactions and AI-powered fraud techniques, highlighting the urgent need for stronger cybersecurity frameworks and internal verification controls across enterprises.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
