Radiant Cash Management Services Reports Irregularities at Subsidiary Following Fraud Investigation
Radiant Cash Management Services Limited has reported an incident involving unauthorized and fraudulent activities within its subsidiary, Aceware Fintech Services Private Limited (RadiantAcemoney). The irregularities were discovered during routine operational monitoring and relate to the misuse of system access credentials used for facilitating Domestic Money Transfer (DMT) transactions.The investigation confirmed that the fraud was carried out by a former employee in collusion with certain external parties. These unauthorized activities involved increasing the dashboard balances of Business Correspondent (BC) Agents and conducting transactions via the subsidiary's software system using unauthorized access.
In response to the findings, RadiantAcemoney immediately suspended affected functionalities and launched a detailed internal review, which included a forensic audit conducted by an external digital investigation agency. The forensic report confirmed that no existing employee of the subsidiary was involved in the incident.
Details of Financial and Operational Impact
The unauthorized activity was assessed to have taken place over a period spanning from July 2025 to February 2026, confined to a limited number of BC Agent accounts. The financial exposure related to this incident has been quantified and reviewed by the company's Audit Committee.The key details regarding the fraud and impact are summarized below:
| Detail | Finding |
|---|---|
| Nature of Activity | Unauthorized debit and fraudulent transactions using residual system access credentials. |
| Time Frame | July 2025 to February 2026 |
| Person Involved | Former employee of the subsidiary, collaborating with external parties. |
| Subsidiary Financial Exposure | Approximately ₹ 3.13 crore (subject to reconciliation and recovery). |
| Consolidated Impact | The financial impact on Radiant Cash Management Services Limited at a consolidated level is not material. |
Corrective and Strengthening Measures
RadiantAcemoney has taken immediate and comprehensive action to contain the damage and prevent recurrence. These measures included the suspension of affected accounts and the constitution of an internal investigation committee. The subsidiary has also filed complaints with relevant law enforcement and cybercrime authorities.Furthermore, the company is implementing a comprehensive program to strengthen its internal controls and technology infrastructure. This includes:
- Enhanced access control protocols and upgraded cyber security systems.
- Improved transaction monitoring and automated alert mechanisms.
- Reinforced reconciliation processes and dormant account controls.
RADIANTCMS Stock Price Movement
Today, Radiant Cash Management Services Limited shares edged higher to close at ₹42.21, marking a gain of 1.87%. The equity saw significant trading volume, with 135,340 shares changing hands during the session.Source:
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.