Saturday, October 18, 2008

SMS attack on India's ICICI Bank

India's ICICI Bank has requested a police investigation into brokers and others who allegedly used SMS, email, and the Internet to launch a run on its branches and an attack on its shares, which fell as much as 28 per cent. One of the SMS messages reportedly said, "Kindly withdraw all your deposits and cash in account with ICICI Bank as ICICI Bank has already rushed to RBI for insolvency."

See, "ICICI demands police probe into share attack," Financial Times, October 14, 2008, at; "ICICI moves cops against 'malicious' brokers," Business Standard, October 18, 2008, at

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