Cybercriminals Target Former Union Minister Dayanidhi Maran's Savings Account

In a concerning development, cybercriminals managed to siphon off ₹99,999 from the personal savings account of Dayanidhi Maran, the former Union Minister for Communications and Information Technology and the incumbent DMK MP. Mr Maran promptly reported the incident to the Cyber Crime Wing of the Greater Chennai City Police.
Dayanidhi Maran himself revealed this breach on his social media platform, raising questions about the security of digital transactions. According to him, the theft occurred on a Sunday when ₹99,999 was illicitly withdrawn from his @AxisBank personal savings account through a net banking transfer involving @IDFCFIRSTBank-@BillDesk. This illicit transaction circumvented standard safety protocols, as no OTP (One-Time Password), typically required for such transactions, was generated or received on his linked mobile number.
Instead, the cybercriminals took an audacious step by calling the joint holder of the account, which happened to be his wife, inquiring if the transaction had transpired. While posing as bank representatives, the fraudsters displayed @cbic_india in their profile picture, raising Mr. Maran's suspicions. He took swift action by immediately suspending all account activities.
Expressing his bewilderment, Mr. Maran wondered how the perpetrators could effortlessly access personal information and bypass security measures without resorting to a phishing attack or exposing sensitive details. Axis Bank, the financial institution involved, appeared perplexed about the incident and failed to provide a coherent explanation for why an OTP was not required from Mr. Maran's mobile number for the transaction.
Mr. Maran's concerns extended beyond his own situation. He pondered the safety of data belonging to first-time digital users and senior citizens. Referring to a newspaper report, he highlighted that financial frauds constituted a staggering 75% of cybercrimes in India from January 2020 to June 2023. He also cited previous instances of sensitive Aadhaar data being compromised as early as 2018 and emphasized the regularity of bank data breaches and ransomware attacks in the news.
In a plea for action and accountability, Mr. Maran, who had previously written to Finance Minister Nirmala Sitharaman and the Ministry of Finance seeking help for cybercrime victims in his capacity as an MP, now demands justice as a victim himself. He called for robust security measures and government intervention to ensure data protection, especially in a digital age where India aspires to excel and become a FinTech hub.
Mr. Maran concluded by seeking answers from the government and urging Finance Minister Nirmala Sitharaman to release a white paper addressing these pressing cybersecurity issues. The incident serves as a stark reminder of the importance of safeguarding private data in an increasingly digital world.

Read more

Get ₹5 Cr Cover at just ₹4,60,000*

Get ₹5 crore insurance cover at just ₹3 lakh/year+

Step 1/2

Get ₹5 crore insurance cover at just ₹3 lakh+

Are you buying the policy for?
Get Updates on WhatsApp
By clicking on "" you agree to our Privacy Policy and Terms Of Use

Get ₹5 crore insurance cover at just ₹3 lakh/year+

Step 2/2
Get Updates on WhatsApp
Written By: PolicyBazaar - Updated: 25 January 2024

Cyber Insurance News

Payment Gateway Company Reports Massive ₹16,180 Crore Cyber Theft
Payment Gateway Company Reports Massive ₹16,180 Crore Cyber Theft
In a startling revelation, the Thane Police have exposed a massive cyber heist, with cybercriminals pilfering an astonishing ₹16,180 crore. This...Read more
Mumbai Police Nab Four Cyber Fraudsters in Extensive 22-Day Operation
Mumbai Police Nab Four Cyber Fraudsters in Extensive 22-Day Operation
In a 22-day operation spanning four states, including Uttar Pradesh, Rajasthan, Delhi and Madhya Pradesh, a Mumbai Police task force comprising seven...Read more
India Grapples with Mounting Cybersecurity Risks, According to Palo...
India Grapples with Mounting Cybersecurity Risks, According to Palo...
India is confronting a significant threat of cyberattacks aimed at its critical infrastructure, public sector, and essential services, as per a report...Read more
Pune-Based Engineering Supplies Firm Loses Over 22 Lakh in Cyber Scam
Pune-Based Engineering Supplies Firm Loses Over 22 Lakh in Cyber Scam
Pune City police uncovered a suspected 'man-in-the-middle' cyber attack that cost a Pune-based engineering supplies firm more than 24,000 Euros...Read more
AIIMS Delhi Hit by Cyber Attack for Second Time in a Year
AIIMS Delhi Hit by Cyber Attack for Second Time in a Year
All India Institute of Medical Sciences (AIIMS) in New Delhi faced a new cyberattack on Monday. The premier medical institution promptly responded...Read more
Policybazaar for Business - Cyber Insurance - Customer Reviews
View all
Based on 47 reviews
out of 5
Based on 47 reviews
12 users
34 users
1 users
0 users
0 users
4.3 October 11, 2022
Aarti Singh
Knowledegable Team
The representatives at PolicyBazaar were knowledgeable, patient and genuinely committed to helping me find the best insurance policy for my requirements. They took the time to answer all my questions and provide valuable guidance, ensuring that I had a thorough understanding of the coverage details and terms. THANKS.
4.3 October 06, 2022
Quick And Hassle Free
After seeing a rise in cyber attacks in many of the companies, i decided to purchase a cyber insurance policy for my start up. I went on the Policy Bazaar website and learned about the coverage in detail and purchased it from their website only. It was quick and hassle-free purchase.
4.5 October 04, 2022
Paperless Process
We bought the contractual liability insurance from policybazaar and received the best overall package. The process was paperless as we applied for insurance online and the support was amazing.
4.5 October 03, 2022
Extensive Coverage
We thoroughly checked all the benefits and features and decided to buy a contractual liability policy from Policybazaar. It provides all the necessary features to safeguard our business against any loss.
4.5 October 02, 2022
Easy To Buy
It was easy to buy insurance from Policybazaar and customer support was also amazing to clear all the doubts. Contractual liability insurance is essential for my business and I could not get a better deal than this.
4.5 October 01, 2022
Easy Plan Comparision
An ideal Contractual Liability Insurance policy purchased to protect our business that we ecounter in our everyday operations. Policybazaar offers a platform to compare multiple plans.
4.5 September 30, 2022
No Broker And Paper Work
Great experience at Policybazaar. We did not know that buying Contractual Liability Insurance could be that easy. Also there is no broker and paperwork.
4.8 September 29, 2022
Perfect Insurance Coverage
I purchased Contractual Liability Insurance from Policybazaar and the coverage they provided is perfect to keep my hardware business safe various unforeseen instances.
New Delhi
4.5 March 18, 2022
Cloud Storage Cover
I wanted to purchase a cyber insurance policy could provide coverage for the data stored in cloud network. I went on the Policybazaar website and look up for plans that would provide me with this coverage. I compared different plans and in a matter of minutes i found the right cyber insurance plan that would fit my requirement.
4.5 March 17, 2022
Good User Interface
I was looking for a cyber insurance policy online. After looking for the insurance plan online I landed on the Policybazaar website. Trust me, the user interface of the website is so good that i was able to locate the cyber insurance plan and purchase it in not more than 10 minutes. Thanks Policybazaar.