Kota ICICI Bank Employee Swindles ₹4.5 Crore from Customers, Loses it All in Stock Market Gamble

According to the police said on Friday, the relationship manager of an ICICI bank branch in Rajasthan’s Kota pocketed ₹4.58 crore from customers and lost most of it while trading in the stock market.

According to the PTI news agency, the accused named Sakshi Gupta worked as a relationship manager at ICICI Banks’s DCM branch.

The authorities arrested the woman on Thursday at her parental house in the Rawatbhata area of Chittorgarh. They kept her in police custody for interrogation for a day and later sent her to a juvenile facility.

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According to the authorities, Gupta has been stealing money from more than 110 accounts of 41 customers at the Kota branch for two years. It is claimed that she put her money into stocks and afterward lost most of her investment.

Tarun Dadich, the branch manager at Bank of India, Udhyog Nagar, submitted a complaint against her to the Police Station on February 18. The complaint said that the banker stole around ₹4.58 crore from the accounts of clients.

So that siphoning the money wouldn’t alert account holders, she used to replace their mobile numbers with those of her relatives.

The funds were transferred by Gupta to several different accounts, at times using an elderly woman’s account who did not know anything about the transactions, said Sub Inspector Ibrahim. Gupta used her money transfer methods to send more than ₹3 crore to the account before February 15, 2023.

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He stated that Gupta took over the PINs and OTPs and used more than 40 accounts to access funds, even when he was not advised to put in the overdraft option. As well as all this, she blocked fixed deposits for 31 customers and managed to funnel about Rs. 1.34 crore, in addition to getting a personal loan of Rs. 3.40 lakh.

Authorities stated that a number of financial activities took place at Insta Kiosks and on different banking websites, as well as using the debit cards of 4 customers for ATMs and internet banking. To hide the funds from these activities from the authorities, they sent the money to demat accounts.

In a press note, ICICI Bank informed that attire was the key thing they watched for and by uncovering the actions, they swiftly lodged an FIR. The firm expressed a firm policy against fraud by saying, “We have suspended the employee, and real complaints from compromised customers have been approved.”

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