STOCKWATCH

S&S Power Switchgear Ltd. Reports Fraud of Approx. Rs. 1.58 Crores

S&S Power Switchgear Ltd. detected a fraud in the online transfers made on 20th December 2024. The fraud, involving approximately Rs. 1.58 Crores, was carried out by officials based on messages received from a fraudster. An FIR has been filed with the authorities, and investigations are ongoing. The company estimates that the financial impact of this fraud is approximately Rs. 1.58 Crores. The transactions were informed to the management after office hours, and a special Board meeting was convened on Tuesday 24th December 2024 to consider the issue.

• Fraud of approximately Rs. 1.58 Crores detected in online transfers
• Fraud carried out based on messages received from a fraudster
• FIR filed with the authorities and investigations ongoing
• Financial impact of the fraud estimated to be approximately Rs. 1.58 Crores
• Board meeting convened to consider the issue