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 after it was discovered that she had stolen ₹4.58 crore from Fixed Deposit (FD) accounts and invested the money in the stock market. The employee, Sakshi Gupta, had devised a clever system to transfer funds from customer accounts to her own accounts, and even used an elderly woman’s account as a “pool account” to hide her tracks.
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 this system to get One-Time Passwords (OTPs) on her system, allowing her to transfer funds to her own accounts. The investigation revealed that Gupta had transferred some of the stolen funds to an elderly woman’s account, using it as a “pool account” to mix the stolen funds with her own legitimate transactions.
But that’s not all. Gupta also illegally activated overdraft facilities on 40 accounts, allowing her to withdraw more funds than she was entitled to. It’s estimated that Gupta stole ₹4.58 crore from the FD accounts, and invested the money in the stock market.
The investigation into Gupta’s activities was sparked by a complaint from one of the affected customers, who noticed that their FD account had been drained of funds. The bank launched an internal investigation, which led to Gupta’s suspension. The police have also been informed, and Gupta is expected to face criminal charges.
Gupta’s modus operandi was clever and calculating, allowing her to steal large sums of money without being detected for a long time. Her actions are a stark reminder of the need for banks to implement robust security measures to prevent fraud, and for customers to remain vigilant and monitor their accounts regularly.
The case highlights the importance of two-factor authentication, which is designed to prevent fraud by requiring both a password and a second form of verification, such as an OTP, to access an account. Gupta’s ability to get OTPs on her system using her family members’ phone numbers is a clear breach of security protocols, and highlights the need for banks to strengthen their systems to prevent such breaches.
The use of an elderly woman’s account as a “pool account” is also a disturbing aspect of the case. Gupta’s actions not only caused financial loss to the affected customers, but also compromised the trust and security of the elderly woman’s account. It’s a reminder that even the most vulnerable members of society are not immune to fraud, and that banks must take extra measures to protect their accounts.
The ICICI Bank has apologized for the incident and assured its customers that it is taking steps to strengthen its security measures to prevent such frauds in the future. The bank has also promised to compensate the affected customers for their losses.
In conclusion, the case of Sakshi Gupta, the ICICI Bank employee who stole ₹4.58 crore from FD accounts and invested the money in the stock market, is a shocking reminder of the need for banks to implement robust security measures to prevent fraud. Gupta’s actions were clever and calculating, but ultimately, her scheme was uncovered and she has been suspended. The case highlights the importance of two-factor authentication, and the need for banks to protect their customers’ accounts from fraud.
