Attackers used spoofed Government of India GST refund emails to target Indian businesses and taxpayers, luring recipients into opening a malicious RAR attachment that launched a multi-stage .NET infection chain and ultimately deployed Remcos RAT. Seqrite reported that the initial executable unpacked successive in-memory loaders hidden in bitmap resources and DLL stages, including Windows Health Optimizer Plus.dll and perfgurd.dll, while using reflection, XOR-based decryption, and architecture-aware method dispatch to evade analysis and execute the final payload.
The campaign established persistence by copying the executable and launching a PowerShell script through a Run registry key, and it attempted privilege escalation via cmstp.exe. The final Remcos RAT payload enabled remote access, credential theft, surveillance, and delivery of additional malware. Infrastructure tied to the operation included dynamic DNS domains under hath.network and synology.me, with command-and-control activity resolving to 185.242.4.122 on hosting associated with M247 Europe SRL; researchers assessed the activity as likely financially motivated cybercrime but did not attribute it to a known threat actor.

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Seqrite Labs described a phishing campaign using spoofed Government of India GST refund emails to target Indian businesses and taxpayers with a multi-stage .NET infection chain that ultimately deployed Remcos RAT. The report said the operation appeared financially motivated and did not provide sufficient evidence to attribute it to a publicly tracked threat actor.
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