Shahi Exports Pvt. Ltd., an apparel manufacturing and exporting company run by actor Sonam Kapoor’s father-in-law Harish Ahuja, has been a victim of a highly sophisticated cybercrime.
Approximately ₹27 Crore was stolen from the company by a gang of cybercriminals who were busted by police in Faridabad, Haryana on 11 Mar 2022. The fraudsters operated by misappropriating the firm’s ROSCTL licences with the help of Ahuja’s forged Digital Signature Certificate.
ROSCTL (Rebate of State and Central Taxes and Levies) licences are incentives given by the government to export-import firms and are similar to digital coupons worth several lakh rupees. In this case, a total of 154 ROSCTLs worth ₹27.61 Crore were transferred to fictitious firms and encashed by the cybercriminals.
Some of the accused had previously worked as clerks at the DGFT (Directorate General of Foreign Trade) and would obtain financial records of big firms through fraudulent means before targeting them.
Although the gang of masterminds behind this crime were eventually arrested, other cybercrimes don’t have a favourable outcome.
So, how can businesses like Shahi Exports cover their losses? Through a Cyber Liability Insurance policy!
Among many risks, this policy specifically covers e-theft that occurs as a result of transfer of funds/property through fraudulent means. Everything from financial loss, to system disruption, and to even loss of sensitive information can be covered with the help of this insurance.
Cyber Liability Insurance comprehensively covers losses to both the business as well as its customers under a single policy!