Now Reading: Rs 4.58 crore siphoned off from customer accounts, FDs! How former ICICI Bank relationship manager pulled off a stunning fraud – explained in 10 points
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Rs 4.58 crore siphoned off from customer accounts, FDs! How former ICICI Bank relationship manager pulled off a stunning fraud – explained in 10 points
Rs 4.58 crore siphoned off from customer accounts, FDs! How former ICICI Bank relationship manager pulled off a stunning fraud – explained in 10 points
Rs 4.58 crore siphoned off – over 100 accounts of shoppers accessed – fastened deposits damaged: This just isn’t some film plot – it’s a stunning fraud that a former ICICI Bank relationship manager pulled off! The multi-crore fraud continued for over two years.The accused, Sakshi Gupta, who served at ICICI Bank’s Shriram Nagar department in Kota’s DCM space from 2020 to 2023, was taken into custody by Udhyog Nagar police on May 31, 2025 after a thorough investigation.According to a TOI report, police data point out that the fraudulent actions have been initially found on February 18.Following ICICI Bank’s inside probe that recognized Sakshi Gupta, who beforehand labored as a relationship manager on the financial institution’s DCM department in Kota, as the first suspect in a vital monetary fraud affecting customer accounts, the Kota police have begun their enquiry. The authorities are inspecting potential accomplices and have requested the financial institution to furnish pertinent documentation.
How former ICICI Bank relationship manager dedicated fraud: 10 Points
- The investigation revealed that Sakshi Gupta had gained unauthorised entry to greater than 110 accounts of 41 prospects and executed a number of unlawful transactions.
- Investigators discovered that she had diverted the misappropriated funds into inventory market investments, which subsequently resulted in substantial monetary losses.
- In order to cover the deception, Gupta allegedly substituted the registered cell numbers of assorted financial institution accounts with these of her relations.
- The precise account holders have been unable to obtain transaction notifications and one-time passwords (OTPs) as a consequence of this modification, based on police stories.
- The investigation revealed a number of fraudulent actions by Gupta, together with unauthorised activation of overdraft amenities throughout 40 accounts.
- Further findings confirmed that she had unlawfully terminated fastened deposits belonging to 31 purchasers, channeling Rs 1.34 crore to completely different accounts.
- The probe uncovered her unauthorised utilization of debit playing cards, together with their related PINs and OTPs, to conduct numerous on-line and ATM transactions.
- Additionally, Gupta was discovered chargeable for processing a fraudulent private mortgage amounting to Rs 3.4 lakh.
- The investigation additionally established that she had extensively utilised Insta Kiosk machines and digital banking platforms to execute quite a few fraudulent transactions.
- The illicit funds have been distributed throughout a number of Demat accounts, suggesting an try to hide the cash path.
After figuring out irregularities, financial institution manager Tarun Dadhich registered a criticism, which led to a complete audit and subsequent police investigation.“She systematically transferred funds, sometimes using the account of an elderly woman who had no knowledge of the activity as a pool account,” mentioned sub-inspector Ibrahim of Udhyog Nagar police station. “By mid-February 2023, over Rs 3 crore had passed through that single account.”Following a one-day police custody, Gupta appeared earlier than the court docket and was despatched to judicial custody. The police proceed their enquiries into the matter.A consultant from ICICI Bank mentioned, “The interest of our customers are of paramount importance to us. Immediately upon discovering the fraudulent activity, we filed an FIR with the police. We have a zero-tolerance policy against any fraudulent activity and thus suspended the employee involved. We would like to reassure that genuine claims of impacted customers have been settled.”