The World Cricketing body fell victim to online finacial fraud after it was reported by daily Times of India that the board was scammed $2.5 million (approximately 20 cr). It is repoeted that the fraudster that hails from the USA, acted as a vendor of the ICC and emailed the ICC CFO for a payment from an email id that was apparently similar to the ICC. There was no cross verification and the amount reportedly got sanctioned.
The loss of 20 cr is equivalent to four times of the grant an Associate member with ODI status earns every year from the ICC. While the loss might not be significant to the BCCI, it is a lot of money that an associte nation earns from the ICC every year. Associate nations earn $500,000 to $1 million (5 cr) per year from ICC grants. While the timeline of the incident is unknown, it came to light only on Thursday night.
ICC officials have remained silent on the matter citing an ongoing investigation. The scam has rocked the board an internal and external investigation is currently underway.
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