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Business Standard
09-06-2025
- Business
- Business Standard
How ICICI Bank RM stole Rs 4.6 cr from customers - and what you must learn
In a shocking case of internal bank fraud, an ex-ICICI Bank relationship manager in Kota, Rajasthan, has been arrested for stealing Rs 4.58 crore from over 110 customer accounts — many of them senior citizens — over a period of nearly three years. The fraud, which went undetected for months, highlights the urgent need for personal finance vigilance, especially in the digital banking era. Such was the extent of her obsession with stock market trading that the 26-year-old Sakhi Gupta went to shocking lengths — allegedly siphoning off Rs 4.58 crore from unsuspecting customers, including even her own father-in-law. The funds were reportedly diverted into high-risk futures and options (F&O) trading, in a desperate bid to profit from speculative market movements. According to police, Gupta has been pilfering from more that 110 accounts belonging to 41 customers for around two years at the Kota branch. She allegedly invested this amount in the stock market and lost the majority of it. How did the fraud occur? According to police and internal bank investigations, the accused, Sakshi Gupta, misused her access to break customer FDs prematurely, create overdrafts, sanction loans, and reroute funds to her personal trading accounts. She allegedly: Broke 31 FDs worth Rs 1.34 crore without informing customers. By changing mobile numbers to relatives' lines, she prevented customers from receiving alerts and hiding transactions Stolen money was routed through a 'pool account' (one elderly customer's account with over ₹3 crore) before being transferred to her demat/trading accounts. All ₹4.58 crore were invested in F&O trades via apps like Zerodha and ICICI Direct, but she reportedly lost the entire amount How the scam unfolded: According to the police investigation, the relationship manager broke fixed deposits (FDs) prematurely, created overdraft facilities, and even took personal loans in the names of unsuspecting customers — all without their consent or knowledge. The fraudulent transactions spanned over months and were cleverly hidden using manipulated entries in the bank's internal systems. She exploited her access to ICICI Bank's Insta Kiosk and digital banking channels to carry out these unauthorized transactions, betraying the trust of both the bank and its customers. What's more worrying: she reportedly manipulated entries in ICICI Bank's internal software to cover her tracks, making it difficult for both customers and internal auditors to detect any red flags. The police also alleged that Gupta misused debit cards, PINs, and OTPs for these transactions, and even activated overdraft facilities on 40 accounts without consent. In addition to this, she permanently closed fixed deposits of 31 customers and funneled over Rs. 1.34 crore, while also taking a personal loan of Rs. 3.40 lakh. What Is a pool account, and why it matters? A pool account is typically used to consolidate funds from various sources. In this fraud: She collected money from broken FDs, overdrafts, and fake loans into one account. From there, funds were easily routed to her personal investment accounts. This minimized red flags, since transactions were less scattered and easier to manage. By centralizing transactions, she avoided the complexity and detection risks associated with moving money through 40+ accounts. Who were the victims? Most of the victims were elderly customers, many of whom relied on FDs as a source of post-retirement income. They remained unaware as alerts were rerouted and their bank accounts tampered with behind the scenes. A customer complaint about a missing FD triggered an internal audit by ICICI, leading to a branch manager filing an FIR on February 18, 2023, and her arrest in May 2025. What did ICICI Bank do? ICICI Bank filed an FIR and confirmed that all affected customers have been compensated. The bank has since strengthened internal controls, but the incident raises serious questions about employee oversight and customer protection. An ICICI Bank spokesperson, in a press note, said that the interest of costumes is most important and upon discovering the activities the bank immediately filed an FIR. "We have a zero-tolerance policy against any fraudulent activity,' they said, adding that the employee has been suspended and genuine claims of impacted customers have been settled. Key red flags: FDs were closed without OTPs being triggered. No transaction alerts were received by customers due to outdated contact details. Customers only realized something was wrong after significant sums were gone What this means for you? If you're a bank customer: Check your alerts: Ensure your mobile number and email are updated with your bank to receive all transaction notifications. Monitor FD and loan activity: Unexpected closure of FDs or creation of overdrafts should raise red flags. Review bank statements regularly, especially if you're a senior citizen or non-tech-savvy. Immediately report any suspicious changes (like mobile number alterations or OTP behavior) to your bank's fraud cell.
Time of India
08-06-2025
- Business
- Time of India
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
Sakshi Gupta had gained unauthorised access to more than 110 accounts of 41 customers and executed multiple illegal transactions. Rs 4.58 crore siphoned off - over 100 accounts of customers accessed - fixed deposits broken: This is not some movie 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 branch in Kota's DCM area 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 records indicate that the fraudulent activities were initially discovered on February 18. Following ICICI Bank's internal probe that identified Sakshi Gupta, who previously worked as a relationship manager at the bank's DCM branch in Kota, as the primary suspect in a significant financial fraud affecting customer accounts, the Kota police have begun their enquiry. The authorities are examining potential accomplices and have asked the bank to furnish pertinent documentation. How former ICICI Bank relationship manager committed fraud: 10 Points The investigation revealed that Sakshi Gupta had gained unauthorised access to more than 110 accounts of 41 customers and executed multiple illegal transactions. Investigators found that she had diverted the misappropriated funds into stock market investments, which subsequently resulted in substantial financial losses. In order to hide the deception, Gupta allegedly substituted the registered mobile numbers of various bank accounts with those of her family members. The actual account holders were unable to receive transaction notifications and one-time passwords (OTPs) due to this modification, according to police reports. The investigation revealed multiple fraudulent activities by Gupta, including unauthorised activation of overdraft facilities across 40 accounts. Further findings showed that she had unlawfully terminated fixed deposits belonging to 31 clients, channeling Rs 1.34 crore to different accounts. The probe uncovered her unauthorised usage of debit cards, along with their associated PINs and OTPs, to conduct various online and ATM transactions. Additionally, Gupta was found responsible for processing a fraudulent personal loan amounting to Rs 3.4 lakh. The investigation also established that she had extensively utilised Insta Kiosk machines and digital banking platforms to execute numerous fraudulent transactions. The illicit funds were distributed across several Demat accounts, suggesting an attempt to conceal the money trail. After identifying irregularities, bank manager Tarun Dadhich registered a complaint, which led to a comprehensive 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," said sub-inspector Ibrahim of Udhyog Nagar police station. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo "By mid-February 2023, over Rs 3 crore had passed through that single account." Following a one-day police custody, Gupta appeared before the court and was sent to judicial custody. The police continue their enquiries into the matter. A representative from ICICI Bank said, "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." Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
07-06-2025
- Business
- Time of India
Cops probe role of others in multi-crore fraud by former ICICI Bank employee
Kota: After ICICI Bank's internal investigation pinpointed Sakshi Gupta, a former relationship manager at the bank's DCM branch in Kota, as the key figure behind a multi-crore fraud involving customer accounts, Kota police have launched an investigation to determine if others were involved and requested relevant documents from the bank. Tired of too many ads? go ad free now Tarun Dadhich, manager of the city's ICICI DCM branch, on Feb 18, 2025, submitted a report at the Udhyog Nagar police station alleging that Gupta, the former relationship manager at the bank, siphoned off Rs 4.58 crore from 110 accounts belonging to 41 customers over a period between 2020 to 2023. Following the police inquiry, Sakshi Gupta was arrested on May 31 and was remanded to judicial custody following a one-day police remand for interrogation. Udhyog Nagar police station Circle Inspector Jitendra Singh said Saturday that while the internal inquiry identified Sakshi Gupta as solely responsible for the fraud, the police have sought additional documents from the bank to probe the possible role of other persons involved with her in orchestrating the multi-crore fraud. However, Singh said, prima facie, no involvement of other persons has surfaced yet. According to the police, Sakshi Gupta withdrew funds from more than 110 accounts belonging to 41 customers over a span of two and a half years, investing the siphoned amounts in the stock market. However, she suffered significant losses. To hide the transactions from customers, she replaced the registered mobile numbers on several accounts with those belonging to her relatives, ensuring that transaction alerts and OTPs were diverted from the actual account holders. In one instance, she used an elderly woman's account—without her knowledge—as a 'pool account', moving over Rs 3 crore through it by Feb 15, 2023. Tired of too many ads? go ad free now The investigation also revealed that Gupta misused debit cards, PINs, and OTPs for unauthorised transactions, and even activated overdraft facilities on 40 accounts without customer consent. Further inquiry found she prematurely closed fixed deposits belonging to 31 customers, redirecting Rs 1.34 crore into unauthorised accounts. A fraudulent personal loan of Rs 3.4 lakh was also disbursed. Multiple transactions were executed using Insta Kiosk installations and digital banking platforms, with Sakshi exploiting four customers' debit cards for ATM and internet banking usage. The proceeds were transferred to demat accounts as part of an attempted cover-up. Meanwhile, an ICICI Bank spokesperson said Friday, "The interest of our customers is of paramount importance to us. Immediately upon discovering the fraudulent activity, we filed an First Information Report 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. "
The Hindu
07-06-2025
- The Hindu
ICICI Bank RM allegedly swindles ₹4.58 crore from customer accounts in Kota, loses most of it in stocks
A relationship manager in an ICICI bank branch in Kota allegedly swindled around ₹4.58 crore from customers' accounts only to lose the lot of it in the stock market, police on Friday (June 7, 2025) said. She was arrested last week and is currently under judicial custody, they said. The accused, Sakshi Gupta, was posted as a relationship manager at ICICI Bank's DCM branch. Police said she had been pilfering from more than 110 accounts belonging to 41 customers for around two and a half years. She allegedly invested these amounts in the stock market and lost a large chunk of it, they said. Branch manager Tarun Dadich filed a complaint against her at the Udhyog Nagar Police Station on February 18, accusing her of siphoning ₹4.58 crore from customer accounts. Based on the complaint, Ms. Gupta, who worked at the branch from 2020 to 2023, was arrested on May 31. During the investigation, it was revealed that she changed the mobile numbers linked with several accounts to her relatives' numbers, ensuring that transaction alerts and OTPs were not received by the real account holders. Sub Inspector Ibrahim said Ms. Gupta systematically transferred funds to different accounts, in some cases using an elderly woman's account, who was unaware of the activity, as a "pool account." By February 15, 2023, she had transferred more than Rs 3 crore to this account alone, he said. He alleged that Ms. Gupta misused debit cards, PINs, and OTPs for these transactions, and even activated overdraft facilities on 40 accounts without consent. She prematurely closed fixed deposits of 31 customers' accounts, funnelling over ₹1.34 crore. She also took out a personal loan of ₹3.40 lakh. Police said that many transactions were conducted using Insta Kiosk installations and various digital banking platforms, with at least four customers' debit cards used for ATM and internet banking. Proceeds from these activities were sent to demat accounts as part of the attempted cover-up. Ms. Gupta was arrested from her parental home in Chittorgarh district's Rawatbhata. She was sent to judicial custody after a one-day remand for interrogation, SI Ibrahim said. Meanwhile, an ICICI Bank spokesperson, in a press note, said, "The interests 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."
Hindustan Times
07-06-2025
- Hindustan Times
Kota ICICI Bank employee swindles ₹4.5 crore from customers, blows it on stock market
A relationship manager of an ICICI bank branch in Rajasthan's Kota reportedly swindled around ₹4.58 crore from customers' accounts and lost most of it in the stock market, police said on Friday. The accused named Sakshi Gupta was posted as a relationship manager at ICICI Banks's DCM branch, according to a PTI news agency. The woman was arrested last week from her parental home in Chittorgarh district's Rawatbhata and was sent to judicial custody after a day's remand for interrogation. According to police, Gupta has been pilfering from more that 110 accounts belonging to 41 customers for around two years at the Kota branch. She allegedly invested this amount in the stock market and lost the majority of it. The complaint against her was filed by the branch manager Tarun Dadich at Udhyog Nagar Police Station on February 18. The complaint accused her of siphoning ₹4.58 crore from customer accounts. To make the siphoning easier, Gupta used to change the mobile number linked with the account holders, to her relative's numbers, ensuring that customers do not receive transaction alerts or OTPs. Gupta systematically transferred funds to different accounts, in some cases using an elderly women's account who was unaware of the activities, as a 'pool account,' said Sub Inspector Ibrahim. Through her siphoning, Gupta transferred more than ₹3 crore to this account by February 15, 2023. Sub Inspector Ibrahim also alleged that Gupta misused debit cards, PINs, and OTPs for these transactions, and even activated overdraft facilities on 40 accounts without consent. In addition to this, she permanently closed fixed deposits of 31 customers and funneled over Rs. 1.34 crore, while also taking a personal loan of Rs. 3.40 lakh. Police said that many transactions were conducted using Insta Kiosk installations and various digital banking platforms, with debit cards of at least 4 customers used for ATM and internet banking. In an attempt to cover up these activities, money from them was sent to demat accounts. Meanwhile, an ICICI Bank spokesperson, in a press note, said that the interest of costumes is most important and upon discovering the activities the bank immediately filed an FIR. "We have a zero-tolerance policy against any fraudulent activity,' they said, adding that the employee has been suspended and genuine claims of impacted customers have been settled.
