How did ICICI employee use elderly woman’s account to ‘pool’ & steal ₹4.58 crore from FDs?
The recent news of an ICICI employee, Sakshi Gupta, using her position to steal ₹4.58 crore from fixed deposit (FD) accounts and investing it in stocks has sent shockwaves across the financial industry. The sheer scale of the fraud and the ingenious methods used by Gupta to carry out the crime have left many wondering how such a large-scale scam could go unnoticed for so long.
According to a report by NDTV, Gupta, who worked as a customer service officer at ICICI Bank, linked her family members’ phone numbers to the customer accounts whose FD funds she stole. She devised a system to get One-Time Passwords (OTPs) on her system, allowing her to transfer funds from these accounts to an elderly woman’s account, which she used as a “pool account”.
Gupta’s scheme was designed to evade detection by transferring small amounts of money from the FD accounts to the “pool account” and then using the funds to invest in the stock market. She even went to the extent of illegally activating overdraft facilities on 40 accounts, allowing her to withdraw even more funds.
The fraud was only discovered when ICICI Bank’s internal audit found discrepancies in the accounts of some customers. The bank then launched an investigation, which revealed the massive scale of the scam. Gupta was suspended by the bank, and the authorities are now investigating the case.
The question that arises is how such a large-scale fraud could go unnoticed for so long. ICICI Bank has been quick to point out that it has robust internal controls in place to prevent such frauds, but the fact remains that Gupta was able to carry out the scam for so long without being detected.
One possible explanation is that Gupta was able to use her position to manipulate the system and avoid detection. As a customer service officer, she had access to sensitive information and was able to use this access to carry out the fraud. It is also possible that she was able to use her knowledge of the bank’s internal processes to cover her tracks and avoid detection.
Another possible explanation is that the bank’s internal controls were inadequate or not properly enforced. ICICI Bank has been criticized in the past for its poor customer service and lack of transparency, and it is possible that these issues contributed to the fraud going undetected for so long.
The impact of this fraud on the customers who lost their money is still being assessed. The elderly woman whose account was used as the “pool account” is said to be devastated by the loss of her savings. Many other customers who lost their money are also likely to be affected by this fraud, and it is only a matter of time before we find out the full extent of the damage.
The case of Sakshi Gupta highlights the need for banks to have robust internal controls in place to prevent fraud. It also emphasizes the importance of customers being vigilant and keeping a close eye on their accounts. As the financial industry continues to evolve, it is essential that we learn from this case and take steps to prevent similar frauds from happening in the future.
In conclusion, the case of Sakshi Gupta is a shocking reminder of the importance of maintaining the integrity of the financial system. It is a stark reminder of the need for banks to have robust internal controls in place to prevent fraud and for customers to be vigilant and keep a close eye on their accounts.
