₹4.58 Crore ICICI Bank Scam
• Employee Siphons FD Money, Loses It in Stock Market
• ICICI Bank Acts After 2-Year Fraud
Unmesh Gujarathi
Sprouts News Exclusive
Contact: +91 9322755098
Sprouts News Exclusive
Contact: +91 9322755098
Sakshi Gupta, a former ICICI Bank employee in Kota, siphoned ₹4.58 crore from FD accounts of 41 customers and lost it all in stock market investments. She manipulated OTPs and misused elderly accounts to conceal the fraud. ICICI Bank has suspended her, filed an FIR, and settled customer claims.
In a brazen case of financial fraud, Sakshi Gupta, a former relationship manager at ICICI Bank’s Kota branch, has been arrested for misappropriating ₹4.58 crore from the fixed deposit (FD) accounts of 41 unsuspecting customers. The funds were allegedly diverted into high-risk stock market investments, which resulted in total loss.
The scam came to light after a customer inquired about his FD status at the Shriram Nagar branch, prompting an internal review. This eventually led to a police complaint filed on February 18, 2024, and Gupta’s arrest by Udhyog Nagar police on May 31, following a detailed investigation.
Fixed Deposit Fraud: 110 Accounts Accessed, OTPs Manipulated
According to the Sprouts News Special Investigation Team (SIT), Gupta operated the scam between 2020 and 2023, accessing over 110 bank accounts belonging to 41 customers. By misusing the internal banking feature titled ‘User FD’, she conducted a series of unauthorized withdrawals, manipulating customer data to conceal her actions.
Investigating officer Sub-Inspector Ibrahim Khan explained the technicality behind the deception:
“She linked the phone numbers of her family members to these accounts and withdrew more than ₹4 crore. She even devised a system to receive OTPs directly on her computer, ensuring customers were left unaware of the ongoing fraud,” he told Sprouts News.
Elderly Woman’s Account Used as a Money Laundering Gateway
In a particularly disturbing revelation, police confirmed that Gupta funneled nearly ₹3 crore through the bank account of an elderly woman, without her knowledge or consent. The account was reportedly used as a pool account to route the stolen funds.
“She systematically transferred funds, sometimes using the account of an elderly woman who had no knowledge of the activity. By mid-February 2023, over ₹3 crore had passed through that single account,” said SI Khan, as quoted by The Times of India and verified by Sprouts News.
This indicates not just financial misconduct but also a serious breach of trust and exploitation of vulnerable banking customers.
ICICI Bank Responds: FIR Filed, Employee Suspended
Following the discovery of the scam, ICICI Bank issued an official statement acknowledging the incident. The bank emphasized its commitment to customer protection and stated that an FIR was lodged immediately after the fraud was identified.
“The interests of our customers are of paramount importance. Upon discovering the fraudulent activity, we filed an FIR with the police,” a bank spokesperson told Sprouts News.
The bank has since suspended Sakshi Gupta and settled all genuine claims related to the affected FD accounts.
“We have a zero-tolerance policy against any fraudulent activity. The employee involved was suspended, and claims of impacted customers have been resolved,” the spokesperson added.
Sprouts SIT Analysis: Systemic Weakness, Urgent Need for Oversight
The Sprouts News SIT finds this case to be symptomatic of systemic weaknesses in banking oversight, especially in regional branches where internal controls may be weaker. The manipulation of OTP systems and mobile numbers linked to FDs highlights gaps in verification protocols that allowed one employee to operate unchecked for nearly three years.
While ICICI Bank’s response appears swift post-discovery, the delay in detection raises questions about its internal monitoring mechanisms. Sprouts News urges both the Reserve Bank of India (RBI) and the Banking Ombudsman to initiate a broader inquiry into:
•Internal audit practices at regional branches
•Verification protocols for FD transactions
•Employee access to sensitive customer data
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Nationwide Concern: Trust Deficit in India’s Banking Sector
This scam adds to a growing list of frauds that have shaken customer confidence in the Indian banking system. As more banks shift towards digital automation and centralized databases, it becomes imperative to ensure robust cybersecurity, multi-factor authentication, and real-time fraud detection mechanisms.
Sprouts News recommends urgent action by:
•RBI to issue fresh guidelines for FD-linked mobile number changes
•Banks to implement biometric or alternate multi-level OTP checks
•Mandatory reporting of internal fraud incidents to regulatory bodies within 48 hours.
Justice for Victims, Systemic Reform Needed
While Sakshi Gupta has been arrested and claims have been settled, this case is far from closed. The victims, many of whom were senior citizens, trusted the bank with their life savings. The fallout from this breach of trust should serve as a wake-up call for banks and regulators alike.
The Sprouts News Special Investigation Team (SIT) will continue to track developments in the case, ensuring transparency and accountability from both the bank and the investigating authorities.
