Wealth First Portfolio Managers Limited has recovered ₹47.41 lakh through a Metropolitan Court order, representing about 24 per cent of the ₹1.98 crore lost in a cyber fraud last month. The company disclosed today that the court has ordered the release of the seized funds from the accused’s bank accounts.
The shares of Wealth First Portfolio Managers Limited were trading at ₹1,518 down by ₹16.75 or 1.09 per cent on the NSE today at 12.18 pm.
The portfolio management firm continues to work with the Cyber Cell to recover the remaining amount of approximately ₹1.50 crore. The cyber fraud, perpetrated by an external third party, occurred on November 27, 2024, as reported by the company to the National Stock Exchange.
In its initial disclosure on November 28, Wealth First had assured stakeholders that the incident would not impact its daily business operations and confirmed there was no breach or leak of company or client data. The company, led by Managing Director Ashish Shah, had promptly reported the incident to the Cyber Crime Department and local police authorities.
The development comes as cybersecurity incidents continue to pose significant risks to financial services firms in India, though Wealth First maintains the fraud has not materially affected its operations.
