How did ICICI employee use elderly woman’s account to ‘pool’ & steal ₹4.58 crore from FDs?
In a shocking case of fraud, an ICICI employee has been suspended for allegedly stealing ₹4.58 crore from fixed deposit (FD) accounts and investing the money in stocks. The employee, Sakshi Gupta, has been accused of using an elderly woman’s account as a “pool account” to transfer the stolen funds.
According to a report by NDTV, Sakshi Gupta, a senior official at ICICI Bank, linked her family members’ phone numbers to customer accounts whose FD funds she stole. She then used her system to obtain one-time passwords (OTPs) and transferred some funds to the elderly woman’s account, which she used as the “pool account”. From there, she allegedly transferred the funds to her own accounts and invested them in the stock market.
The investigation revealed that Sakshi Gupta had also illegally activated overdraft facilities on 40 accounts, allowing her to siphon off even more funds. The elderly woman’s account, which was used as the “pool account”, was not even her own, but rather a customer account that Sakshi Gupta had access to.
The enormity of the crime is staggering. Sakshi Gupta, a trusted bank official, had access to sensitive customer information and used it to commit fraud on a massive scale. The stolen funds were not only from individual customers but also from businesses, with some accounts belonging to companies.
It is not clear how Sakshi Gupta was able to pull off this heist for so long without being detected. However, an investigation by the bank’s internal audit team and the police revealed that she had been using her position to siphon off funds for several months.
The police have arrested Sakshi Gupta and charged her with criminal offenses. The ICICI Bank has also suspended her from service pending an internal inquiry.
This case highlights the importance of robust internal controls and monitoring systems within financial institutions. It also underscores the need for customers to be vigilant and monitor their accounts regularly to detect any unusual activity.
The story has sent shockwaves through the banking industry, with many customers expressing concern about the vulnerability of their accounts to fraud. It is a wake-up call for banks to review their security protocols and ensure that they are adequately protecting their customers’ funds.
The case also raises questions about the training and background checks that financial institutions conduct on their employees. How did Sakshi Gupta, a senior official, manage to bypass internal controls and commit such a massive fraud?
The ICICI Bank has promised to cooperate fully with the investigation and take necessary action to prevent such incidents in the future. The police are also investigating the extent of the fraud and the amount of money that was stolen.
In a statement, the ICICI Bank said, “The bank takes this incident very seriously and has initiated an internal inquiry to investigate the matter. We also cooperate with the law enforcement agencies to ensure that the culprits are brought to justice.”
The case is a reminder that even in the most trusted institutions, fraud can occur. It is essential for customers to be vigilant and report any suspicious activity to the authorities immediately.
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