India, Dec. 10 -- In a significant ruling under the Information Technology Act, Gujarat's Adjudicating Officer has held ICICI Bank and Vodafone Idea Limited (VIL) liable for negligence in a major SIM-swap cyber fraud that caused an Ahmedabad-based company to lose over Rs.1.19 crore through unauthorized bank transfers.

The judgment, delivered after nearly a year of hearings, marks one of the most detailed examinations of corporate cyber fraud in the state.

On March 11, 2023, Vodafone Idea received an email - purportedly from the firm's account - requesting a SIM swap for Mehta's number, which was linked to ICICI Bank's overdraft account.

Despite the number being on international roaming, VIL processed the request and activated the dupli...