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 for stealing ₹4.58 crore from fixed deposit (FD) accounts and investing the money in stocks. The employee, Sakshi Gupta, used her position to link her family members’ phone numbers to customer accounts and devise a system to obtain one-time passwords (OTPs) on her system. She then transferred the stolen funds to an elderly woman’s account, using it as a “pool account” to further her illegal activities.
According to a report by NDTV, Sakshi Gupta, a senior executive at ICICI Bank’s Mutual Fund Department, used her position to illegally access customer accounts and transfer funds to her own accounts. She also activated overdraft facilities on 40 accounts, allowing her to withdraw more money than she was authorized to.
The investigation into Gupta’s activities began after several customers reported irregularities in their FD accounts. The bank launched an internal probe, which revealed that Gupta had been involved in the theft of ₹4.58 crore from FD accounts.
Gupta’s modus operandi was to link her family members’ phone numbers to customer accounts, allowing her to receive OTPs on her system. She would then use these OTPs to transfer funds from the customer accounts to her own accounts. In some cases, she would transfer funds to an elderly woman’s account, which she used as a “pool account” to further her illegal activities.
The elderly woman’s account was used as a hub to transfer funds from multiple customer accounts. Gupta would transfer small amounts of money from each account to the elderly woman’s account, allowing her to avoid raising any suspicions. The funds were then used to invest in stocks, with Gupta reaping the benefits of the illegal activities.
The ICICI Bank investigation revealed that Gupta had been involved in the theft of funds for several years. She had used her position to manipulate the bank’s systems and processes, allowing her to steal large sums of money without being detected.
Gupta’s illegal activities were only discovered after several customers reported irregularities in their FD accounts. The bank launched an internal investigation, which revealed the extent of Gupta’s fraud. She was subsequently suspended from her position, and the matter was reported to the police.
The case is a stark reminder of the importance of internal controls and checks in financial institutions. It also highlights the need for employees to be vigilant and report any suspicious activities to the authorities.
In a statement, ICICI Bank said that it has taken the matter seriously and has initiated disciplinary action against the employee. The bank has also assured customers that it is taking steps to prevent such incidents in the future.
The incident is a wake-up call for financial institutions to review their internal controls and processes to prevent similar incidents. It is also a reminder to employees to be aware of their responsibilities and to report any suspicious activities to the authorities.
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