How did ICICI employee use elderly woman’s account to ‘pool’ & steal ₹4.58 crore from FDs?
In a shocking case of fraud, an ICICI bank employee, Sakshi Gupta, has been suspended for allegedly stealing ₹4.58 crore from fixed deposit (FD) accounts and investing the money in stocks. According to a report by NDTV, Gupta devised a sophisticated system to siphon off the funds, using an elderly woman’s account as a “pool account” to transfer the stolen money.
Gupta, who was employed as a customer service representative at ICICI Bank, used her position to link her family members’ phone numbers to the customer accounts whose FD funds she stole. She would then use her system to obtain one-time passwords (OTPs) and transfer the funds to the elderly woman’s account, which was used as a “pool account” to facilitate the fraud.
The investigation revealed that Gupta had illegally activated overdraft facilities on 40 accounts, allowing her to transfer large sums of money from the FD accounts to the “pool account”. The stolen funds were then invested in stocks, with Gupta and her family members reaping the benefits.
The extent of the fraud is mind-boggling, with Gupta stealing a staggering ₹4.58 crore from the FD accounts. The investigation is still ongoing, but it is clear that Gupta’s actions were well-planned and executed over a period of time.
It is shocking that an employee of a reputable bank like ICICI could engage in such fraudulent activities. The fact that Gupta was able to use her position to orchestrate the fraud is a wake-up call for banks and financial institutions to tighten their security measures and ensure that employees are held accountable for their actions.
The elderly woman whose account was used as a “pool account” is said to be unaware of the fraud and has been left reeling from the shocking discovery. It is unclear at this stage how much money was transferred to her account or how she will be compensated for the loss.
ICICI Bank has suspended Gupta and launched an internal investigation into the matter. The bank has also reported the incident to the relevant authorities and is cooperating with the investigation.
This case highlights the importance of robust internal controls and monitoring systems in financial institutions. Banks must ensure that their employees are trustworthy and that their systems are secure to prevent fraud and minimize losses.
The investigation is ongoing, and it is likely that Gupta will face criminal charges for her role in the fraud. The incident serves as a reminder that fraud can occur anywhere, even in reputable institutions, and that it is essential to remain vigilant and take steps to prevent such incidents from happening.
