VERY IMPORTANT

A phishing campaign targets Indian organizations by impersonating the Indian Income Tax Department. Victims receive emails containing links to spoofed notice pages that download ZIP archives. These archives include a legitimately signed Overwolf executable and two hidden files: a malicious DLL and an encrypted binary. When executed, the signed binary side-loads the malicious DLL through DLL hijacking. The DLL is UPX-packed and modified with Astral-PE, and decrypts the binary file containing ValleyRAT. The payload uses modified RC4 encryption with a 115-byte key and deploys entirely in memory. Once active, ValleyRAT establishes persistence through scheduled tasks masquerading as OneDrive entries, marks dropped files as hidden and system files, and performs process hollowing into svchost.exe to evade detection before connecting to command and control infrastructure.