How did ICICI employee use elderly woman’s account to ‘pool’ & steal ₹4.58 crore from FDs?
In a shocking case of embezzlement, an ICICI Bank employee, Sakshi Gupta, has been accused of stealing ₹4.58 crore from fixed deposit (FD) accounts of her bank’s customers. According to a report by NDTV, Gupta used a clever system to siphon off the funds, which she then invested in stocks. The case highlights the importance of security measures in banking and the need for employees to adhere to ethical standards.
Gupta’s scheme was elaborate and involved several steps. She linked her family members’ phone numbers to the customer accounts whose FD funds she wanted to steal. This allowed her to receive one-time passwords (OTPs) on her system, which she used to transfer funds from the FD accounts to her own account. She also used an elderly woman’s account as a “pool account” to transfer some of the stolen funds, making it appear as if the transactions were legitimate.
The report by NDTV states that Gupta illegally activated overdraft facilities on 40 accounts, allowing her to withdraw more funds than what was actually available in the accounts. She would then invest the stolen funds in stocks, making significant profits in the process.
The ICICI Bank employee’s scheme remained undetected for a significant period, allowing her to steal a substantial amount of money. It was only when the bank’s internal audit team detected some discrepancies in the transactions that the fraud was uncovered.
Gupta’s arrest and suspension are a testament to the bank’s commitment to upholding ethical standards and ensuring the security of its customers’ funds. The ICICI Bank has also taken steps to strengthen its internal controls and auditing processes to prevent such cases from happening in the future.
The case highlights the need for employees in the banking sector to adhere to ethical standards and ensure that they do not exploit their positions for personal gain. It also underscores the importance of robust security measures to prevent fraud and embezzlement.
In recent years, there have been several cases of banking fraud and embezzlement in India, highlighting the need for stricter regulations and enforcement mechanisms. The case of Sakshi Gupta serves as a reminder that even employees who are entrusted with significant responsibilities can abuse their power and compromise the trust placed in them.
The ICICI Bank’s swift action in suspending Gupta and investigating the matter further is commendable. The bank’s commitment to transparency and accountability is essential in maintaining the trust of its customers and stakeholders.
The case also raises questions about the need for greater oversight and regulation of the banking sector. While the ICICI Bank has taken steps to strengthen its internal controls, there is a need for more stringent regulations to prevent such cases from happening in the future.
In conclusion, the case of Sakshi Gupta highlights the importance of security measures in banking and the need for employees to adhere to ethical standards. It also underscores the need for greater oversight and regulation of the banking sector to prevent fraud and embezzlement. The ICICI Bank’s swift action in suspending Gupta and investigating the matter further is commendable, and we hope that the case serves as a lesson to other employees in the banking sector.
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