Neochem Bio Solutions Reports Tracing and Freezing of Funds in Cyber Fraud Case

<h1>Neochem Bio Solutions Reports Tracing and Freezing of Funds in Cyber Fraud Case</h1>

Neochem Bio Solutions Limited has provided an update on its ongoing cyber fraud matter, confirming significant progress in tracing misappropriated funds and initiating legal action for recovery. The company stated that an aggregate amount of ₹74,55,502.63 was successfully traced to twenty-one beneficiary accounts held across eight banks, with these amounts placed on hold by the respective banks following directions from the investigating agency.

The recovered sum represents approximately 50% of the total amount previously reported in relation to the fraud incident. These funds are stated to be the Company's own assets, which were debited from its bank account and routed fraudulently to the beneficiary accounts, with no lawful claim by any other party.

In pursuit of the recovery of these funds, Neochem Bio Solutions Limited filed an application on July 23, 2026. The filing was submitted before the Court of the Additional Chief Judicial Magistrate, Court No. 11, Ahmedabad City, seeking the release of the amount to the Company. The legal action includes sections 497 and 503 of the Bharatiya Nagarik Suraksha Sanhita, 2023. The State of Gujarat and the concerned banks have been named as respondents in this application.

The company confirmed that it is actively pursuing the judicial process and working closely with the investigating agency to trace the remaining balance of funds. Management indicated that the recovery process has commenced, and the company expects the recovered funds to be credited to its account following standard legal procedures.

Despite the financial incident, Neochem Bio Solutions Limited affirmed that its manufacturing and business operations have continued uninterrupted throughout this period. The Company conducted a review of its payment authorisation protocols and bank mandate verification procedures, as well as examining its information technology assets to strengthen internal controls and prevent recurrence of similar incidents.

NEOCHEM Stock Price Movement​

Shares of Neochem Bio Solutions Limited slipped today, shedding 4.96% in post-market trading and settling at ₹89.10 per share. The stock concluded the session with a total traded volume of 19,200 shares.