How did ICICI employee use elderly woman’s account to ‘pool’ & steal ₹4.58 crore from FDs?
In a shocking incident that has left the banking industry reeling, an ICICI employee has been suspended for allegedly stealing ₹4.58 crore from fixed deposits (FDs) of various customers and investing the money in stocks. The employee, Sakshi Gupta, has been accused of devising a sophisticated system to steal the money from the FDs and has been suspended by the bank.
According to a report by NDTV, Sakshi Gupta, a senior executive at ICICI Bank, linked her family members’ phone numbers to the customer accounts whose FD funds she stole to invest in stocks. She allegedly used an elderly woman’s account as a “pool account” to transfer some of the stolen funds. The bank has confirmed that Gupta has been suspended and is cooperating with the investigation.
The incident has raised serious concerns about the security measures in place at ICICI Bank and the banking industry as a whole. It is unacceptable that an employee was able to steal such a large amount of money from the bank’s customers and use it for personal gain.
The modus operandi used by Gupta was sophisticated and involved several steps. She allegedly used her position to get one-time passwords (OTPs) on her system, which allowed her to transfer funds from the FD accounts to an elderly woman’s account. The elderly woman’s account was used as a “pool account” to receive the stolen funds.
Gupta also allegedly illegally activated overdraft facilities on 40 accounts, which allowed her to access even more funds. The bank has confirmed that the overdraft facilities were activated without the knowledge or consent of the account holders.
The investigation into the incident is ongoing, and the bank has assured that it is taking all necessary steps to ensure that the money stolen from the FDs is recovered. The bank has also promised to cooperate fully with the investigation and to take appropriate action against Gupta.
This incident highlights the need for stricter security measures in the banking industry. Employees should not be given access to sensitive information or systems, and there should be regular audits and monitoring to prevent such incidents from occurring.
The incident also raises questions about the oversight and monitoring mechanisms in place at ICICI Bank. How was it possible for an employee to steal such a large amount of money from the bank’s customers without anyone noticing? What steps will the bank take to prevent such incidents from occurring in the future?
The incident has also raised concerns about the potential impact on the customers who had their FDs stolen. ICICI Bank has assured that it will take all necessary steps to recover the stolen money and to compensate the affected customers. However, the incident has left many customers feeling vulnerable and worried about the security of their savings.
In conclusion, the incident is a shocking reminder of the importance of strict security measures in the banking industry. Employees should not be given access to sensitive information or systems, and there should be regular audits and monitoring to prevent such incidents from occurring. ICICI Bank has assured that it is taking all necessary steps to ensure that the money stolen from the FDs is recovered and to prevent such incidents from occurring in the future.
