Spandana Sphoorty reports Rs 7.8 crore cyber fraud in bank account

Kolkata: Spandana Sphoorty has identified a cyber fraud involving unauthorised transactions totalling Rs 7.8 crore debited from one of its bank accounts to multiple beneficiaries.

The transactions took place Sunday, the microfinance company said in a stock exchange filing.

A senior official said that there would be no loss to the company since it has insurance cover against cyber fraud. A claim is being filed with the insurance company.


Spandana said that it stopped the affected services the moment it identified the unauthorised dealings.

"The matter has been reported to the bank with a request for reversal of the transactions, freezing of the beneficiary accounts and a detailed investigation," the company said.

"We are investigating how it happened and reviewing our processes," the official said.