How did ICICI employee use elderly woman’s account to ‘pool’ & steal ₹4.58 crore from FDs?
A recent case has exposed the shocking extent of corruption within the banking sector, highlighting the need for tighter security measures to prevent such incidents in the future. An ICICI bank employee, Sakshi Gupta, has been suspended for allegedly stealing ₹4.58 crore from fixed deposit (FD) accounts and investing the funds in the stock market. In this blog post, we will delve into the details of the case and explore the methods used by Gupta to carry out the fraud.
According to reports, Gupta linked her family members’ phone numbers to customer accounts, allowing her to receive one-time passwords (OTPs) and access the accounts remotely. She then transferred some of the stolen funds to an elderly woman’s account, which she used as a “pool account” to hold the stolen funds.
Gupta’s system was highly sophisticated, making it difficult for authorities to detect the fraud. She would use the elderly woman’s account to pool the stolen funds and then transfer them to her own accounts or invest them in the stock market. The elderly woman’s account was chosen as the “pool account” because it was least likely to raise any suspicions, given her age and the fact that she was not actively using the account.
In addition to stealing funds from FD accounts, Gupta also illegally activated overdraft facilities on 40 accounts, allowing her to borrow money that she did not have. This facility was meant to be used by customers in case of emergencies, but Gupta used it to further her own illegal activities.
The ICICI bank employee’s scheme was uncovered after the elderly woman, who had been a customer of the bank for over 30 years, noticed a discrepancy in her account balance. She reported the matter to the bank, which launched an investigation into the matter. During the investigation, it was found that Gupta had been involved in the fraud for several months, and that she had stolen funds from numerous FD accounts.
The bank has since suspended Gupta and is cooperating with the authorities to investigate the case further. The authorities have also recovered some of the stolen funds, but the exact amount is still unknown.
This case highlights the need for banks to implement stronger security measures to prevent such incidents in the future. Banks must ensure that their employees are trustworthy and that their systems are secure. Additionally, customers must be aware of the risks involved and take steps to protect their accounts.
In conclusion, the case of Sakshi Gupta, the ICICI bank employee who stole ₹4.58 crore from FD accounts and invested the funds in the stock market, is a stark reminder of the importance of security and trust in the banking sector. Banks must take immediate action to prevent such incidents in the future, and customers must be aware of the risks involved.
