Cyber Fraud31 March 2026 at 02:11 pm
Yash Highvoltage Ltd. Discloses Cyber Fraud Loss of Rs. 2.10 Crores
AI Summary
Yash Highvoltage Ltd., a manufacturer of Transformer Bushings, disclosed a cyber fraud incident where the company was tricked into changing the bank account details of a regular vendor based in China. The company lost an estimated amount of Rs. 2.10 crores, with Rs. 1.36 crores against the material received and Rs. 73.90 lacs against non-receipt of material. The incident came to light when the supplier reported non-receipt of funds. The company has initiated an internal investigation, filed a complaint with regulating authorities, and is evaluating solutions with bankers for recovery of the funds.
Key Highlights
- Yash Highvoltage Ltd. disclosed a cyber fraud incident involving a regular vendor from China.
- The company lost an estimated amount of Rs. 2.10 crores due to the fraud.
- An internal investigation has been initiated, and a complaint has been filed with regulating authorities.
- The company is evaluating solutions with bankers for recovery of the funds.
- Stronger internal control mechanisms are being considered to prevent future recurrences.