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 recovery of EUR 0.45 million. Furthermore, additional funds were successfully traced, and the respective accounts have been placed on hold by the concerned banks, thereby reducing the amount currently at risk. The exact amount presently secured remains to be determined.
The company is actively pursuing recovery efforts in coordination with relevant law-enforcement and cybercrime authorities, concerned banks, and other stakeholders.
Operational Status and Impact Assessment
Capillary Technologies stated that no evidence exists of any compromise concerning customer data, employee data, or the Company's technology infrastructure. Consequently, the Company's business operations continue without material disruption.The subsidiary is covered under a cyber and crime insurance policy, and the insurer has been notified of the incident. Capillary Technologies is currently evaluating the extent of the insurance coverage to assess the net financial impact of the incident. The company remains committed to extending full cooperation to all investigating authorities and will provide updates on any material developments in this matter.
CAPILLARY Stock Price Movement
Capillary Technologies India Limited shares edged higher today, settling at ₹515.85 after gaining 0.36%. The stock saw activity during the session, trading a total of 102,173 shares and moving within an intraday range defined by a low of ₹513.6 and a high of ₹519.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.