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 it in stocks. The employee, Sakshi Gupta, used a sophisticated system to get one-time passwords (OTPs) on her system and transferred funds to an elderly woman’s account, which she used as a “pool account”. She also illegally activated overdraft facilities on 40 accounts. This brazen case of fraud raises questions about the internal controls and security measures in place at ICICI bank.
According to a report by NDTV, Sakshi Gupta, a senior executive at ICICI bank, used her position to steal funds from FD accounts and invested them in the stock market. Her modus operandi was to link the phone numbers of her family members to the customer accounts whose FD funds she stole. She would then use this link to get OTPs on her system, allowing her to transfer funds to an elderly woman’s account, which she used as a “pool account”.
The “pool account” was used as a way to launder the stolen funds, as it was used to transfer funds between different accounts. This allowed Gupta to conceal the source of the funds and make it difficult to track the stolen money. Gupta also illegally activated overdraft facilities on 40 accounts, allowing her to access more funds and increase the amount of money she could steal.
The case came to light after an investigation was launched into the theft of funds from FD accounts. The investigation revealed that Gupta had been stealing funds from FD accounts over a period of several months, using her position as a senior executive to access sensitive information and manipulate the accounts.
Gupta’s scheme was sophisticated and well-planned, and it is likely that she was able to steal millions of rupees without being detected for some time. However, her scheme was eventually uncovered, and she was suspended by ICICI bank. The bank has also launched an internal investigation into the case and has taken steps to strengthen its internal controls and security measures.
The case highlights the importance of robust internal controls and security measures in place at financial institutions. It also raises questions about the effectiveness of these measures and whether they are sufficient to prevent such cases of fraud. The case also highlights the importance of whistleblowers and the need for a culture of transparency and accountability within financial institutions.
In conclusion, the case of Sakshi Gupta, the ICICI bank employee who stole ₹4.58 crore from FD accounts and invested it in stocks, is a shocking example of the kinds of fraud that can occur within financial institutions. The case highlights the importance of robust internal controls and security measures, as well as the need for a culture of transparency and accountability. It also raises questions about the effectiveness of these measures and whether they are sufficient to prevent such cases of fraud.
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