Cyber Fraud Hits Capillary Technologies Subsidiary; EUR 3 Million Fraudulent Transfer Reported
Capillary Technologies India Limited has reported a cyber-enabled banking fraud affecting one of its recently acquired overseas step-down subsidiaries. Funds aggregating to approximately EUR 3.0 million were fraudulently transferred to unauthorized third-party bank account(s).The fraudulent transfer utilized advanced deep-fake methodologies, including voice cloning, signature forging, and social engineering, designed to impersonate Key Managerial Personnel (KMPs) of the subsidiary.Upon discovering the incident, the Company immediately initiated necessary legal and operational measures. Swift action by Capillary Technologies led to a...