Syschem (India) Limited Reports ₹1.96 Crore Cyber Fraud via WhatsApp Impersonation

Syschem (India) Limited (BSE: 531173), a Haryana-based pharmaceutical and chemical manufacturer, has reported a significant cyber-financial fraud involving the unauthorized transfer of company funds. The incident was disclosed to the BSE today under Regulation 30 of the SEBI Listing Regulations.

Details of the Incident

The fraud was detected and reported on the same day, involving a sophisticated cyber-attack.

Nature of Fraud: Cyber-financial fraud executed through WhatsApp impersonation.

Total Amount Involved: ₹1,96,00,000 (One Crore Ninety-Six Lakhs).

Modus Operandi: The company identified that funds were transferred to several unauthorized and fake accounts after employees were targeted by attackers impersonating key personnel or stakeholders via WhatsApp.

Immediate Actions Taken

Upon detecting the breach on April 15, 2026, the management initiated the following steps:

Legal Measures: A formal complaint has been lodged with the cybercrime authorities and the local police to track the fraudulent accounts.

Internal Review: The company is currently reviewing and strengthening its internal financial controls and IT systems to identify vulnerabilities and prevent a recurrence.

Recovery Efforts: Syschem is actively exploring legal remedies and recovery options to reclaim the diverted funds.

Financial and Operational Impact

While the financial impact is pegged at ₹1.96 crore, the company's management has clarified that this incident is not expected to materially impact the day-to-day operations of the firm.

Source : Equity Bulls

Keywords

SyschemIndia CyberFinancialFraud FundsTransfer