Gujarat Court Penalizes ICICI Bank and Vodafone in Major SIM Swap Fraud Case: Rs 15 Lakh Fine Imposed

Dec 11, 2025 01:24 am CST

In a landmark ruling under India's IT Act, Gujarat's Adjudicating Officer has ordered ICICI Bank to pay Rs 10 lakh and Vodafone Rs 5 lakh in penalties after an Ahmedabad company lost Rs 1.19 crore through unauthorized transactions enabled by a SIM swap scam. The case highlights critical security vulnerabilities in banking and telecom sectors, with the court mandating ICICI Bank to refund Rs 1.05 crore to the victim company within six weeks.