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 bank 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, used a clever scheme to pilfer the funds, which included linking her family members’ phone numbers to customer accounts and using an elderly woman’s account as a “pool account” to transfer the stolen money.
According to a report by NDTV, Gupta, who worked as a senior executive in ICICI’s branch in Delhi, used her position to access customer accounts and steal their funds. She would get one-time passwords (OTPs) on her system and transfer a portion of the stolen money to an elderly woman’s account, which was used as a “pool account”. From this account, she would then transfer the money to her own accounts or invest it in stocks.
Gupta’s scheme was orchestrated with precision and care, and it took a while for the bank to detect the fraud. The report states that she had illegally activated an overdraft facility on 40 accounts, which allowed her to withdraw more money than the customers had deposited. She would then use this money to make investments in stocks, which would yield her a profit.
The case came to light when an elderly woman, who was a customer of the bank, noticed that her account had been used to transfer a large sum of money. She reported the incident to the bank, which launched an investigation and discovered the magnitude of the fraud.
Gupta’s actions were brazen and audacious, and it is unclear how she managed to carry out the fraud for so long without being detected. The use of an elderly woman’s account as a “pool account” was a clever move, as it allowed her to launder the stolen money and avoid detection.
The ICICI bank has taken swift action and suspended Gupta from her duties, pending an investigation. The bank has also filed a police complaint and is cooperating with the authorities to recover the stolen money.
This case highlights the importance of adequate security measures and internal controls in banks to prevent such frauds from occurring. It also underscores the need for customers to be vigilant and monitor their accounts regularly to detect any unusual transactions.
In an era where technology is increasingly integrated into our daily lives, it is essential for banks to implement robust security measures to prevent fraud. The use of advanced technology, such as biometric authentication and artificial intelligence-powered systems, can help banks detect and prevent fraudulent activities.
Additionally, banks should also educate their employees on the importance of ethical behavior and the consequences of engaging in fraudulent activities. Gupta’s actions were a clear breach of trust, and her suspension is a fitting punishment for her actions.
In conclusion, the case of Sakshi Gupta, the ICICI bank employee who stole ₹4.58 crore from FD accounts and invested the money in stocks, is a shocking reminder of the importance of security measures and internal controls in banks. The use of an elderly woman’s account as a “pool account” was a clever move, but it ultimately led to her downfall. The ICICI bank has taken swift action, and it is essential that customers remain vigilant and monitor their accounts regularly to detect any unusual transactions.
