Place : Pune
Victim: Senate Technologies
Perpetrator: Dinesh Dattatray Kedare
Amount of Loss: Rs. 29 cr (US $ 5.8 m)
Incident: The company posted their employee in UK and he opens his own company and starts his own business. He sells software belonging to the company and pockets the money !
This guy Dinesh Dattatray Kedar was quite ingenious ... he tells his company that he has a deal with a buyer for software developed by Senate Technologies and that they have to part with the source code. Senate does this and this guy delivers the source code and takes the payment into his own company - a cool $ 5.8 m
My observation: A system of check and balances seems to be missing. With time our trust level in any employee will go up (as it should) but this becomes a problem when the trust is blind. Every deal (large or small) must be reported and followed through to closure and every lost deal must be analyzed for failure.
This may not be sufficient to stop the type of fraud perpetrated here (one may say) but then I am basing my opinion on the newspaper reports quoted below. And if you note both reports carry a different version. I shall call the company and if I can get more info I shall post this tomm..... they are in the next building on my street.
This is not a crime in the sense of cybercrime and is more a case of cheating. He worked for a few months and became a trusted employee and then cleared out with the company asset.
A few questions - did this guy have a bad history; any information about his background which is questionable. And what has Senate done after this incident, as a reactive measure to avoid future incidents ? (Maybe they will allow a case study)
Times of India
(It was in the print edition today 1/15 but I cannot find the article online)
Labels: cheating, fraud, incidents, india, india infosec incidents, insider threat, ip theft