ICC fell victim to fraud after a US-based fraudster scammed the cricketing body by $2.5 million. Read to know more about the debacle.
ICC falls victim to online fraud
The International Cricket Council (ICC) became a victim of online fraud. As per a report by the Times of India, the board was scammed $2.5 from a US-based fraudster. They acted as an ICC vendor and emailed ICC CFO for payment from an email ID similar to the board. However, there was no cross-verification performed before sanctioning the amount.
The loss of $2.5 million is equal to almost four times the grant received by an ODI-status Associate member every year. While it may not be highly significant for the Board of Control of Cricket in India (BCCI), associate nations must earn from the board annually. Associate nations earn between $500,000 to $1 million every year in grants.
More on the case
The news of the fraud came to light on Thursday night. The cricket board was cheated four times and until Thursday, the authorities in Dubai were unaware of them being victims of online fraud. “I cannot imagine it has happened in the ICC,” stated a member from Europe. However, the official timeline is currently unknown. ICC officials are silent on the matter and revealed an investigation is ongoing. The scan rocks the board as an internal and external investigation is in the process to identify the source. The financial department is coming under focus as the staff was clueless and did not do the due diligence before releasing the funds four times.