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 deposits (FDs) of multiple customers and invested the money in stocks. The employee, Sakshi Gupta, has been accused of using a clever system to siphon off the funds, which she then used to fund her own stock market investments.
According to a report by NDTV, Sakshi Gupta, an employee of ICICI Bank’s customer service department, linked her family members’ phone numbers to the customer accounts whose FD funds she stole. She would then use this system to get one-time passwords (OTPs) on her own system, allowing her to transfer the funds to an elderly woman’s account, which she used as a “pool account”.
The scheme was reportedly used to steal funds from over 40 customer accounts, with the total amount stolen reaching a staggering ₹4.58 crore. The elderly woman’s account was used as a pool account, where Gupta would transfer the stolen funds before investing them in the stock market.
Gupta’s illegal activities were only discovered after a customer noticed that her FD had been transferred to another account. An investigation was launched, which revealed the extent of Gupta’s fraud. The bank has since suspended Gupta and is cooperating with law enforcement agencies to recover the stolen funds.
The investigation also revealed that Gupta had illegally activated overdraft facilities on 40 customer accounts, allowing her to withdraw larger amounts of money than she was entitled to. This added to the total amount stolen, making it one of the largest cases of financial fraud in recent times.
The ICICI Bank has issued a statement condemning Gupta’s actions and has promised to take all necessary steps to ensure that such incidents do not occur in the future. The bank has also assured its customers that it is committed to protecting their interests and that it will work closely with the authorities to recover the stolen funds.
This case highlights the importance of vigilance and awareness among customers when it comes to their financial transactions. It also underscores the need for banks to implement robust security measures to prevent such frauds from occurring.
Gupta’s actions are a stark reminder of the serious consequences of financial fraud. Not only do such cases cause financial loss to individuals, but they also damage the reputation of the bank and the entire financial sector.
In conclusion, the case of Sakshi Gupta is a shocking example of the lengths to which some individuals will go to commit financial fraud. It is a reminder of the importance of vigilance and awareness among customers and the need for banks to implement robust security measures to prevent such frauds from occurring.
