India, July 31 -- Update| July 31, 15:15 IST

Days after it announced a cyber fraud of €3 Mn (about Rs.32.7 Cr) at one of its step-down subsidiaries, SaaS company Capillary Technologies said it has initiated a forensic audit to investigate the suspected fraudulent and unauthorised banking transactions.

The audit, approved by the company's Audit Committee, will be conducted by KPMG Assurance and Consulting Services LLP and will examine the transactions, banking processes, internal financial controls, identify the root cause and recommend corrective measures.

"The forensic audit has been initiated with a view to independently examine the facts and circumstances relating to the incident, determine the root cause and recommend appropr...