A relationship manager at the ICICI Bank Kota branch in Rajasthan reportedly embezzled around Rs 4.58 crore from the accounts of 43 clients and put the money into the stock market, ultimately losing the whole sum.
Police report that the accused officer, Sakshi Gupta, unlawfully extracted money from around 110 accounts, investing the money in stocks while skillfully avoiding notice from both bank staff and clients.
Changed mobile numbers linked to accounts to prevent transaction alerts
She reportedly modified the phone numbers associated with the impacted accounts to stop transaction notifications from reaching the account owners. She is also said to have altered the PINs of multiple accounts.
The inquiry revealed that Gupta mainly focused on senior clients who were not as accustomed to digital and mobile banking. In one instance, she used an elderly woman’s account as a “pool account,” moving over Rs 3 crore through it.
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Prematurely terminated FDs of 31 clients
She is also charged with prematurely terminating fixed deposits of 31 clients, siphoning off more than Rs 1.34 crore, and borrowing a personal loan of Rs 3.40 lakh.
The full amount was placed into the stock market, resulting in a total loss, as stated by the police.
The extensive fraud was revealed when a customer asked about a fixed deposit of Rs 1.50 lakh and found out that the funds had been moved to a different account without their permission.
Investigation Underway
After the disclosure, the branch manager filed a complaint, resulting in Gupta’s apprehension on May 31. Following one day remand, she was taken to prison.
Senior police official Dilip Saini stated that a comprehensive investigation is in progress to determine any potential associates.
