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, Sakshi Gupta, has been suspended for stealing ₹4.58 crore from fixed deposits (FDs) and investing the money in stocks. The modus operandi used by Gupta was quite ingenious and involved linking family members’ phone numbers to customer accounts, getting OTPs on her system, and transferring funds to an elderly woman’s account, which she used as a “pool account”.
According to a report by NDTV, Gupta, a senior executive in ICICI’s retail banking division, devised a system to steal funds from FD accounts, which were supposed to be secure and have a fixed interest rate. Instead, she used her position to manipulate the system and transfer the funds to her own accounts, allegedly to invest in stocks.
Gupta’s illegal activities came to light after an internal investigation by ICICI Bank, which detected the irregularities and reported the matter to the police. The police subsequently arrested Gupta and launched an investigation into her financial dealings.
The investigation revealed that Gupta had linked her family members’ phone numbers to customer accounts, allowing her to receive one-time passwords (OTPs) on her system. She would then use these OTPs to transfer funds from the FD accounts to an elderly woman’s account, which she had identified as a “pool account”. This account was used as a conduit to transfer the stolen funds to her own accounts.
Gupta also allegedly illegally activated overdraft facilities on 40 accounts, allowing her to withdraw more funds than what was initially deposited. This enabled her to siphon off large sums of money from the FD accounts and invest it in stocks.
The police investigation also found that Gupta had used the stolen funds to invest in stocks, including those of prominent companies. The exact extent of her financial dealings and the companies she invested in are still being investigated.
Gupta’s actions have raised serious questions about the security measures in place at ICICI Bank and other financial institutions. While the bank has suspended Gupta and initiated an internal inquiry, it is clear that more needs to be done to prevent such frauds in the future.
The case also highlights the importance of regular audits and monitoring of financial transactions to detect and prevent such frauds. The police investigation is ongoing, and it remains to be seen what other charges will be leveled against Gupta and if any other individuals or entities are involved in the fraud.
The ₹4.58 crore stolen by Gupta is a significant amount, and it is likely that the impact of this fraud will be felt by many individuals who invested in FDs with ICICI Bank. The bank has promised to compensate the affected customers, but it remains to be seen how this will be done and what measures will be taken to prevent similar frauds in the future.
In conclusion, the case of Sakshi Gupta, the ICICI bank employee who stole ₹4.58 crore from FDs and invested the money in stocks, is a shocking reminder of the importance of vigilance and oversight in the financial sector. While Gupta’s actions were illegal and unethical, they also highlight the need for financial institutions to strengthen their security measures and ensure that their systems are robust and secure.
