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A former relationship manager of ICICI Bank in Kota was arrested for allegedly siphoning off crores of money from Fixed Deposit (FD) accounts of customers for over a period of two years. She was arrested by Udhyog Nagar Police on May 31 after a detailed investigation.
Bank Employee Siphoned Rs 4.57 Cr!
According to a report by Times of India, Sakshi Gupta worked at ICICI Bank's DCM area of Kota City in Rajasthan, between 2020 and 2023. Reportedly, Gupta accessed over 110 accounts of 41 customers during her service period by misusing the User FD and carrying out a series of illegal transactions. She allegedly activated overdraft facilities on 40 accounts without the consent of the customers and prematurely closed fixed deposits worth Rs 1.34 crore from 31 accounts.
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According to Sub-Inspector Ibrahim of Udhyog Nagar PS, Gupta even used the account of an elderly woman as a 'pool account' to divert funds. Moreover, she also altered mobile numbers linked to the affected accounts and replaced them with those of her relatives to divert transaction alerts and OTPs.
According to the police, by February 2023, over Rs 300 crore had circulated through a single account. Moreover, apart from misusing overdraft and FD features, Gupta also disbursed a fraudulent personal loan of Rs 3.4 lakh. She also exploited debit cards, PINs and OTPs to carry out unauthorised online and ATM transactions.
Stock Market Investment and Losses
During the investigation, it was found that Gupta invested the money in the stock market with hopes of getting good returns in a short period of time. She carried out her fraudulent act for two years without the customers realising that their money was being withdrawn.
However, things didn't go as per her plan. She suffered heavy losses at the stock market, lost the money and eventually failed to deposit it back into the customers' accounts.
The matter came to light when a customer came to the bank to Ask about his FD account. Later, the bank filed an FIR with the police on February 18 upon discovering the scam.
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The bank acknowledged suspending Gupta and settling the claims of the impacted customers.
