Archive · 11 Dec 2025
Cyber Fraud Cases Rise in India
In two separate incidents, cybercriminals tricked victims into sharing OTPs, leading to significant financial losses.
In Ahmedabad, criminals used a SIM swap to bypass security and transfer Rs 1.19 crore from a company's bank account.
The court fined both the bank and the telecom company for negligence.
In Navi Mumbai, a 22-year-old lost his entire fixed deposit after sharing nearly 20 OTPs with a fraudster posing as a bank officer.
Both cases highlight the importance of cybersecurity awareness and the need for stronger security measures by banks and telecom companies.
Criminals used a SIM swap to bypass OTP security and transferred Rs 1.19 crore from a company's ICICI Bank account in Ahmedabad.
Vodafone Idea processed the SIM swap request without proper verification, despite the number being on international roaming.
ICICI Bank was fined Rs 10 lakh and Vodafone Rs 5 lakh for negligence, with ICICI ordered to refund the stolen amount.
In Navi Mumbai, a 22-year-old lost Rs 22.89 lakh after sharing nearly 20 OTPs with a fraudster posing as a bank officer.
The Navi Mumbai case involved two transactions: Rs 18 lakh on August 31 and Rs 4.89 lakh on September 1.
- Who
- Victims: Collective Trade Links Pvt. Ltd. (Ahmedabad), 22-year-old from Taloja (Navi Mumbai); Perpetrators: Cybercriminals
- What
- Cyber fraud through SIM swap and OTP sharing
- When
- March 11, 2023 (Ahmedabad), August 31 and September 1 (Navi Mumbai)
- Where
- Ahmedabad, Gujarat (Ahmedabad case); Taloja, Navi Mumbai (Navi Mumbai case)
- Why
- Exploitation of SIM swap and OTP security vulnerabilities
- Total Loss (Ahmedabad Case)
- Rs 1.19 crore
- Fraud Date (Ahmedabad Case)
- March 11, 2023
- ICICI Bank Fine (Ahmedabad Case)
- Rs 10 lakh
- Vodafone Fine (Ahmedabad Case)
- Rs 5 lakh
- Refund Ordered (Ahmedabad Case)
- Rs 1.05 crore
- Number of Transactions (Ahmedabad Case)
- 22
- Total Beneficiaries Added (Ahmedabad Case)
- 10
- Time to Discover Fraud (Ahmedabad Case)
- Next day
- Total Loss (Navi Mumbai Case)
- Rs 22.89 lakh
- Fraud Date (Navi Mumbai Case)
- August 31 and September 1
- Number of OTPs Shared (Navi Mumbai Case)
- 15-20
- Legal Action (Navi Mumbai Case)
- Sections 318(4), 66(C), 66(D) of IT Act, 2000
