Indian microfinance lender Spandana Sphoorty Financial said in a November 2 exchange filing, available through the NSE’s SPANDANA company page, that it identified cyber fraud involving unauthorized transfers totaling about ₹78 million (₹7.8 crore) from one of its bank accounts on November 1. Reuters reported that the money was sent to multiple beneficiary accounts.
The filing’s annexure says the transfers reached 82 beneficiary accounts, a detail also reported by ET Now. The company has not named the bank or explained how the unauthorized transactions were initiated.
After detecting the incident, Spandana said it stopped the affected services in its production environment and notified its bank, requesting reversals, the freezing of beneficiary accounts and a detailed investigation. It also filed a complaint with India’s National Cyber Crime Reporting Portal and said it was notifying other authorities.
The exchange filing says the lender has cyber-fraud insurance and is filing a claim. It has not reported any recovery so far, and said it would update the exchanges as the investigation progresses.
The incident comes amid wider cybersecurity concerns across financial services, including AI-assisted attacks targeting banks. Businesses that handle transfers can also review Abijita’s guidance on safeguarding small-business payments.
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