How did ICICI employee use elderly woman’s account to ‘pool’ & steal ₹4.58 crore from FDs?
In a shocking case of financial mismanagement and dishonesty, an ICICI bank employee has been suspended after a thorough investigation revealed that she had stolen ₹4.58 crore from fixed deposit (FD) accounts of customers and invested the money in stocks. The employee, Sakshi Gupta, had devised a sophisticated system to siphon off the funds from the FD accounts, which were supposed to be safe and guaranteed investments.
According to a report by NDTV, Sakshi Gupta, a senior executive at ICICI, had created a system to get one-time passwords (OTPs) on her system, which allowed her to access the accounts of customers. She then used this illegal access to transfer funds from the FD accounts to an elderly woman’s account, which she used as a “pool account”. This pool account was used to invest the stolen funds in stocks.
The investigation revealed that Gupta had also illegally activated overdraft facilities on 40 accounts, which allowed her to withdraw more funds from the accounts without the knowledge of the account holders. This modus operandi was designed to allow Gupta to transfer funds from the FD accounts to the pool account without arousing suspicion.
The case came to light when a customer approached the bank to complain about the non-payment of interest on her FD account. The bank’s internal audit team then launched an investigation, which revealed the extent of Gupta’s fraudulent activities.
The news of the fraudulent activities has sent shockwaves through the banking industry, with many customers expressing concern about the security of their accounts. The incident highlights the need for banks to have robust internal controls and audit procedures in place to detect and prevent such fraudulent activities.
In a statement, ICICI Bank said that it took immediate action against Gupta, including suspending her and initiating a police complaint. The bank also assured customers that it is committed to ensuring the safety and security of their accounts and is working to prevent such incidents in the future.
The case also raises questions about the accountability of bank employees and the need for stricter regulations to prevent such fraudulent activities. The fact that Gupta was able to carry out her activities for so long without being detected highlights the need for greater oversight and monitoring of bank employees.
The incident also highlights the importance of customers being vigilant about their accounts and reporting any suspicious activities to the bank immediately. Customers should also ensure that they receive regular statements and notifications from their bank and keep track of their account activities regularly.
In conclusion, the case of Sakshi Gupta and her fraudulent activities at ICICI Bank is a stark reminder of the importance of robust internal controls and audit procedures in the banking industry. It is also a reminder of the need for greater accountability and oversight of bank employees to prevent such incidents in the future.
