How did ICICI employee use elderly woman’s account to ‘pool’ & steal ₹4.58 crore from FDs?
In a shocking case of financial fraud, an ICICI employee has been suspended after she allegedly stole ₹4.58 crore from fixed deposit (FD) accounts and invested the money in stocks. The employee, Sakshi Gupta, used a clever system to get one-time passwords (OTPs) on her system and transferred the funds to an elderly woman’s account, which she used as a “pool account”. She also illegally activated overdraft facilities on 40 accounts.
According to a report by NDTV, Gupta, who was a customer service executive at ICICI Bank’s Delhi branch, was arrested by the Delhi Police’s Economic Offences Wing (EOW) on charges of cheating and criminal breach of trust. The police claimed that Gupta had been working on this fraudulent scheme for several years, using her position to manipulate the bank’s system and access customer accounts.
The investigation revealed that Gupta had linked her family members’ phone numbers to the customer accounts, allowing her to receive OTPs on her system. She would then use these OTPs to transfer funds to the elderly woman’s account, which she had taken control of. This “pool account” was used to collect the stolen funds, which Gupta would then invest in the stock market.
Gupta’s modus operandi was to identify customers who had invested a large sum of money in FDs and then use her position to transfer the funds to the pool account. She would also illegally activate overdraft facilities on 40 accounts, allowing her to withdraw more money from the customers’ accounts.
The police investigation found that Gupta had stolen a total of ₹4.58 crore from 40 customers’ FD accounts between 2018 and 2022. The stolen funds were then invested in the stock market, where Gupta would earn a profit. The police have seized several properties and bank accounts linked to Gupta, which are believed to be the proceeds of her criminal activities.
The ICICI Bank has suspended Gupta pending an internal inquiry and has cooperated with the police investigation. The bank has also assured customers that their deposits are safe and that measures are in place to prevent such fraudulent activities in the future.
This case highlights the importance of vigilance and awareness among customers when it comes to managing their finances. It also underscores the need for banks to have robust security measures in place to prevent fraudulent activities by their employees.
In recent years, there have been several cases of bank employees involved in fraudulent activities, including embezzlement and money laundering. These cases have led to a loss of public trust in the banking system and have highlighted the need for greater accountability and transparency.
The ICICI Bank has taken several steps to prevent such fraudulent activities, including the use of advanced technology and biometric authentication. The bank has also implemented a whistle-blower policy to encourage employees to report any suspicious activities.
However, more needs to be done to prevent such cases of financial fraud. The banking industry needs to adopt a more proactive approach to detecting and preventing fraudulent activities, including the use of artificial intelligence and machine learning to identify suspicious transactions.
Customers also need to be more vigilant when it comes to managing their finances. They should regularly check their account statements and report any suspicious transactions to the bank. They should also be cautious when providing personal and financial information to third parties.
In conclusion, the case of Sakshi Gupta, the ICICI employee who stole ₹4.58 crore from FD accounts and invested the money in stocks, is a shocking example of financial fraud. It highlights the need for greater vigilance and awareness among customers and the need for banks to have robust security measures in place to prevent fraudulent activities. The banking industry needs to adopt a more proactive approach to detecting and preventing fraudulent activities, and customers need to be more cautious when managing their finances.
