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 allegedly stealing ₹4.58 crore from fixed deposit (FD) accounts of several customers and investing the money in the stock market. The employee, Sakshi Gupta, is said to have devised a clever system to get one-time passwords (OTPs) on her system and then transferred the funds to an elderly woman’s account, using it as a “pool account”.
According to a report by NDTV, Gupta linked her family members’ phone numbers to the customer accounts whose FD funds she stole. She would then use these linked phone numbers to get OTPs and transfer the funds to the elderly woman’s account. This “pool account” was used to accumulate the stolen funds, which were then invested in the stock market.
Gupta’s fraudulent activities didn’t stop there. She also illegally activated overdraft facilities on 40 accounts, which further added to her ill-gotten gains. The extent of her fraud is staggering, with over ₹4.58 crore being stolen from FD accounts and invested in the stock market.
The ICICI Bank has since suspended Gupta, who was working as a senior executive in the bank’s customer service division. The bank has also reported the matter to the police and is cooperating with the investigation.
It’s not clear how Gupta managed to carry out such a large-scale fraud without being detected for so long. However, it’s clear that her actions were carefully planned and executed over a period of time. She used her position of trust to access sensitive customer information and used it to facilitate her fraud.
The use of an elderly woman’s account as a “pool account” is particularly concerning, as it highlights the vulnerability of older adults to financial fraud. Gupta’s actions demonstrate a calculated and cynical attempt to exploit the trust of her customers and the bank’s systems.
The ICICI Bank has assured customers that it is taking all necessary steps to recover the stolen funds and ensure that such frauds do not occur in the future. The bank has also promised to provide compensation to affected customers.
The case highlights the importance of customers being vigilant and monitoring their accounts regularly. It also underscores the need for banks to have robust systems in place to prevent and detect fraud.
In conclusion, the case of Sakshi Gupta, the ICICI employee who stole ₹4.58 crore from FD accounts and invested it in the stock market, is a stark reminder of the importance of financial vigilance and the need for banks to have robust systems in place to prevent fraud.
