Cyber Fraud in Joint Bank Account Under Partnership Arrangement; Company's Share ~INR 2.94 Crores

Cyber fraud hit a joint bank account held under a partnership arrangement.

Thu 24 Sep 2026

Company's proportionate share of fraud loss

approximately INR 2.94 Crores (subject to final reconciliation)

Account status

Frozen by partner

Recovery status

Reimbursement pending from partner

Actions taken

Cybercrime complaints shared, recovery efforts initiated, internal control review commenced

What happened

Apollo Finvest (India) Ltd informed BSE of a cyber fraud carried out by unidentified third parties involving a joint bank account maintained under a partnership arrangement between the company and one of its partners.

The company was informed by the partner that the compromise leading to the incident occurred at the partner's end, resulting in an unauthorised and fraudulent transfer of funds from the joint account to multiple beneficiary accounts. Both the company and the partner are described as victims of fraud by external unauthorised parties.

Amount involved

• The company's proportionate share of the amount involved is approximately INR 2.94 Crores, subject to final reconciliation between the parties.
• This exceeds the materiality threshold under Regulation 30(4), which is why the disclosure was made.

Steps taken

• The partner promptly froze the affected account.
• Complaints were shared with the Cybercrime Cell and the concerned bank's fraud unit.
• Recovery and reversal efforts were initiated with the banking partners involved.
• An internal review was commenced to strengthen controls and prevent recurrence.

Who bears the loss

The partner has confirmed that it shall bear the entire loss arising from the incident and has undertaken to reimburse the company in full for the amount attributable to it. This reimbursement is currently pending.

What to watch

The company says it is monitoring the matter and coordinating with the partner and relevant banking and law enforcement authorities on recovery and reimbursement, and will make further disclosures upon receipt of the reimbursement or any other material development. Until the reimbursement is actually received, the recovery of the amount attributable to the company remains an open item.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.