ICICI Bank Fraud Allegations Shake Mumbai to the Core.

Unmesh Gujarathi

Sprouts News Exclusive

In a shocking turn, allegations of fraudulent banking practices have surfaced against ICICI Bank officials, former employees, and partnered agencies. Sangita Nitin Khare, a resident of Mumbai’s Giridhar Tambe Nagar, has lodged a detailed complaint accusing bank officials of orchestrating a conspiracy that led to her husband’s wrongful arrest. The Sprouts News Special Investigation Team has learned that Mr. Nitin Khare, a data entry operator contracted by ICICI Bank from 2009 to 2021, was implicated in a fabricated fraud case without sufficient evidence.

The Khare family contends that while Nitin Khare executed official duties under senior supervision, internal bank misconduct involving unauthorized cashback approvals was concealed by senior officers. Mumbai’s ongoing push towards urban development policy reforms now faces fresh challenges as systemic financial irregularities emerge from within reputed institutions.

According to the Sprouts News Special Investigation Team’s inquiry, Mr. Khare was tasked with entering customer data related to cashback offers, based on information vetted and provided by senior officers. Between March 2021 and August 2021, allegations arose that 56 customers across 83 credit cards received unauthorized cashback amounting to ₹4.10 crore. However, investigations reveal that the questionable data originated from aggregated agency sources tied to ICICI’s merchant networks—not from Mr. Khare’s direct actions.

Sprouts News Special Investigation Team reports that ICICI’s senior officials, in collaboration with third-party agencies, allegedly manipulated credit card information without the knowledge or consent of the customers. Despite this, Mr. Khare was arrested on August 24, 2022, under charges of fraud, with serious procedural lapses cited in the arrest process, including violations of the Supreme Court’s directives on notice requirements under CrPC Section 41A.

The Khare family claims that despite multiple appeals and evidence submissions, authorities failed to arrest other individuals involved, notably senior ICICI Bank officials and associated agency heads. They allege a broader conspiracy to shield high-ranking officials while targeting lower-level employees. Furthermore, discrepancies in police record-keeping, missing CCTV footage, and procedural violations have deepened the controversy.

As Mumbai advances its banking sector modernization alongside urban redevelopment projects, the demand for institutional accountability intensifies. Legal experts and urban policymakers alike stress that trust in financial institutions must be safeguarded if sustainable urban development and housing society reforms are to succeed. The Khare family’s plea, now spotlighted by the Sprouts News Special Investigation Team, calls for urgent intervention by the Union Home Ministry to ensure justice and restore public confidence.