CSE moves court for probe into ‘false, malicious’ emails

Calcutta Stock Exchange Takes Legal Action Against Email Impersonation

The Calcutta Stock Exchange (CSE) has initiated legal proceedings, demanding a thorough investigation into a series of fraudulent emails that have severely tarnished its reputation and negatively impacted its financial stability.

The CSE is seeking the filing of a First Information Report (FIR) incorporating relevant sections of the Information Technology Act. Two emails, sent on March 5th and April 16th from a spoofed CSE email address, contained defamatory allegations targeting the exchange's management and public interest directors appointed by the Securities and Exchange Board of India (SEBI).

A sophisticated impersonation: CSE's IT department uncovered that the fraudulent email account was cleverly created using a recovery email address that closely mimicked the official CSE domain, highlighting a deliberate attempt at deception.

• The Damage: "This act of identity theft and impersonation is a clear violation of the IT Act," stated a CSE official. "The emails were designed to mislead recipients into believing they originated from legitimate CSE shareholders. The resulting damage includes significant loss of goodwill and a noticeable decline in share prices."
• Frustrating Delays: The CSE claims to have filed complaints with various authorities, including the police, and met with senior officials, yet their efforts have yielded little progress. An official expressed frustration, stating, "Despite the Cyber Police reportedly obtaining the name, IP address, and mobile number of the perpetrator, this crucial information has not been shared with the CSE."
• Conflicting Accounts: The CSE further alleges receiving contradictory responses from law enforcement agencies in response to Right to Information (RTI) queries.

Police Response: The police have denied the allegations of inaction, stating that they will update the court on their investigation's progress. A senior police officer explained, "The investigation necessitates the collection and verification of evidence. Certain procedural matters are involved. We will only disclose information pertinent to the ongoing probe."

The CSE's legal action underscores the serious consequences of online impersonation and highlights the challenges faced by organizations in protecting their reputation and financial interests in the digital age.