How did ICICI employee use elderly woman’s account to ‘pool’ & steal ₹4.58 crore from FDs?
The world of banking and finance is built on trust and security. Customers deposit their hard-earned money in banks, expecting it to be safe and secure. However, in a shocking incident, an ICICI employee has been accused of misusing her position to steal a whopping ₹4.58 crore from fixed deposit (FD) accounts. The fraudster, Sakshi Gupta, allegedly linked her family members’ phone numbers to the customer accounts and used an elderly woman’s account as a “pool account” to transfer the stolen funds.
According to a report by NDTV, Sakshi Gupta, who was an employee of ICICI bank, used her position to steal the funds from the FD accounts. She would get one-time passwords (OTPs) on her system and transfer the funds to an elderly woman’s account, which she used as a “pool account”. She would then use this account to invest in stocks and other financial instruments.
The manner in which Sakshi Gupta carried out the fraud is quite sophisticated and alarming. She would link the phone numbers of her family members to the customer accounts, allowing her to receive the OTPs on her system. This enabled her to access the accounts and transfer the funds to the elderly woman’s account.
The elderly woman, who is a customer of the bank, was completely unaware of the fraud being committed using her account. The bank has since suspended Sakshi Gupta and is investigating the matter.
The bank has also revealed that Sakshi Gupta had illegally activated overdraft facilities on 40 accounts, further increasing the amount of money she was able to steal.
This incident highlights the importance of cybersecurity and the need for banks to implement robust security measures to prevent such frauds. It also underscores the need for customers to be vigilant and monitor their accounts regularly.
The incident also raises questions about the internal controls and oversight mechanisms in place at ICICI bank. How could an employee be able to carry out such a large-scale fraud without being detected? What measures did the bank take to prevent such frauds? These are questions that need to be answered to restore trust in the banking system.
The consequences of this fraud are severe. The stolen funds could have been used for a variety of purposes, including investing in stocks, real estate, or other financial instruments. The elderly woman’s account was used as a “pool account”, which means that Sakshi Gupta would transfer the stolen funds to this account and then use it to invest in other financial instruments.
The fraud also raises questions about the accountability of bank employees. How could an employee be able to carry out such a large-scale fraud without being detected? What measures did the bank take to prevent such frauds? These are questions that need to be answered to restore trust in the banking system.
The incident also highlights the importance of customers being aware of their accounts and monitoring them regularly. Customers should check their account statements regularly and report any suspicious transactions to the bank. They should also be aware of the need for robust security measures to prevent frauds.
The ICICI bank has suspended Sakshi Gupta and is investigating the matter. The bank has also cooperated with the authorities and is working to recover the stolen funds.
In conclusion, the incident of Sakshi Gupta, an ICICI employee, using an elderly woman’s account to steal ₹4.58 crore from FD accounts is a shocking example of the sophistication and scale of bank fraud. It highlights the need for robust security measures to prevent such frauds and the importance of customers being aware of their accounts and monitoring them regularly.
